Manchester City are ready to make a £20 million January bid for Chelsea fullback Ashley Cole.

The Sun says the club's billionaire Arab owners are trying to exploit Cole's contract situation at Chelsea.

City are willing to pay Chelsea £20m and will offer him a £130,000-a-week deal to move to Eastlands.

Cole, 27, has 2½ years of his current deal left which pays £82k a week - much less than Frank Lampard and John Terry.

Chelsea are aware of City's intentions and also of the fact Cole could 'buy out' his contract next summer and move for nothing.

FIFA rules state the contract of any player over 27 is out of the 'protected period' when there are less than two years left.

A senior City source said: "The owners agreed to strengthen the team in January. The Diarra deal is almost done and Cole is very interesting."