Cole told The Sun: "If we don't win on Saturday and we don't win at home to Olympiakos in the Champions League on Wednesday night, we can kiss goodbye to them.
"It really is nail-biting stuff from now until the end of the season."
The Blues have won just one of their last five games and the pressure is mounting on boss Avram Grant.
Midfielder Cole, who scored the only goal of the game when the sides met in December, says today's clash is a must-win.
He said: "It's a very important game for us.
"There are 12 more league games to go and we're in the hunt for the title - but we have a lot of work to do.
"We've got to win at least 11 of those 12 games and that's a hard task in the Premier League.
"We need to bounce back - first and foremost with a good result. But we need a good performance too because we really need to show our fighting spirit."