The Real Madrid coach is expected to meet face-to-face with Blues owner Roman Abramovich to discuss a return to Stamford Bridge.
Cole, on-loan at Lille from Liverpool, told the People: "If Jose showed the slightest interest in going back to Chelsea they should run out to Spain, pick him up and carry him all the way back to Stamford Bridge.
"I think there's a lot going on there but he would make it work. It's my club, and sometimes I see things happening and it frustrates me even more.
"Looking in from the outside, they have fantastic players, fantastic role models, and they don't use them enough."