Cole, who scored one of West Ham's goals in their play-off final victory at Wembley last May, is looking forward to seeing the club develop with a new 54,000-capacity home.
"I'm very impressed by the plans," he told whufc.com, "I knew it was going to be impressive when it was unveiled and now the club can plan to make it a home for West Ham United.
"It's very exciting times. You look to the future to make things brighter and this is a great plan. The owners have got the fans' interests at heart - the Olympic Stadium will be more accessible to get to than the Boleyn, and tickets will be more accessible too.
"That's the main thing at the end of the day - the community matters to West Ham and that's what's spurring this project on."