28-year-old Hazard has enjoyed his most productive season in the Premier League, having scored 16 goals and provided 15 assists.
And Cole believes Hazard is only the player that can match Barcelona superstar Messi.
“Eden mesmerises you with what he can do with the ball.
“When he or Messi plays you just see the beauty of football.
“Sometimes with other greats you see the strain. Some people like the idea of that but with those two they make it seem easy. Footballers first, athletes second.
“If I was down to my last few pounds and I had to pay to take my kids to watch a player it would be Messi and Hazard."
Cole also recalled an anecdote from his time playing alongside Hazard at Lille, where the Belgium international responded angrily to being dropped.
He added: “I remember at Lille's training ground seeing Hazard score the best goal I've ever seen. He might not even remember but I do.
“I think the manager had left him out for a game for some reason. We played an 11-a-side and it was the first time I've ever seen Eden play angry.
“He picked up the ball from the full-back position, drove past three or four players and hit a shot similar to Ronaldo's one against Porto which just arrowed in.
“There aren't many moments in your career where a goal stops training and everyone just applauds. Still to this day it's the best goal I can recall.
“Anyway, he was back in the team for the next game."