Cole is convinced Ferguson knows he must add to his squad after a trophyless campaign.
He told PA Sport: "The gaffer's very, very disappointed that we lost it the way we did do but, ultimately, he brushes it all underneath the carpet and says, 'Hey, it's gone now - let's look towards next season'. He always does that.
"He'll bring in new players, everyone knows that, and he'll have a right good go at it again.
"Because that's what the manager is. He loves a challenge.
"He said that when we won our 19th championship, he said that last season, that we love a challenge and whoever throws down the gauntlet, we're prepared to challenge them.
"Man City have done that now and, no doubt, are going to be a challenger."
Having lost the title on goal difference, Cole envisaged Ferguson strengthening in midfield and up front in particular.
"He's let a centre-forward go in Michael Owen, so he might look in a centre-forward position," Cole said.
"He's been linked with a couple of midfield players as well, so we'll just have to wait and see."