Cole says he's been inspired by former Blues teammate Frank Lampard, who is now in charge of Coventry City in the Championship.
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Cole told talkSPORT: "Yeah, absolutely. I'm coaching a little bit. I was at Brentford last year with the young lads, just keeping my eye in and coaching.
"I'm going to start again soon when things settle down. It's something I've got my eye on at some point. It's difficult, though.
"You don't want to take a job that you don't think is right for you at the time. There's lots of decent jobs, but you want a good job with an opportunity to do well.
"Listen, I won't be putting my CV in Real Madrid any time soon. You've got to start somewhere and there's different ways to do it."