Cole knows Ferguson's shadow will loom large.
"It is a massive act for David Moyes to follow," said Cole. "You are losing the most successful manager in English football history.
"The new manager comes in and everyone says to themselves 'we have a chance now'. That is how I would see it anyway.
"Sir Alex Ferguson is the Godfather of football. When you have a presence like he had, it guarantees you a certain amount of points every season.
"Some people just know how to get that little bit more.
"Sir Alex Ferguson could turn a minute of injury-time into 90 seconds.
"What he said at half-time, full-time or in the media meant something might go his way the following week."