Chilwell arrived from Leicester City this week and knows Blues legend Cole is now part of the academy staff.
The England left-back said: "It's great for myself, I've got that benchmark of what a great Chelsea left-back is.
"I grew up watching Ashley Cole play so I know how respected he is here and again that was a big reason for me wanting to come.
"I feel like I'm still young and I want that sort of career that he had at Chelsea for myself as well."
On manager Frank Lampard, Chilwell added: "When I spoke to the gaffer he kind of instilled what I already knew, that this system does suit me.
"When I watch Chelsea play I look at the full-backs and think: 'That's perfect for me, that's my game down to a t'.
"I literally can't wait to get started and hopefully many great years to come."
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