Cole played for the Real Madrid coach at Stamford Bridge.
"I'd love to see Jose Mourinho come back [to Chelsea]," he told talkSPORT. "He's a great guy, I owe him a lot and we had some great successes together. Chelsea fans and the media would love to see him back, he's great value.
"He's the best manager in the world at the moment. I'd love to see him back - for the [good of the] Premier League as much as anything. Imagine him going up against Sir Alex Ferguson again. I hope he comes back."