Villa haven't won since the opening day of the campaign and Cole, who recently joined Coventry City on loan, has tipped Grealish as the potential answer to the current Villa Park woes.
As uncertainty builds around the security of Villa manager Tim Sherwood's job, Cole believes that the former Tottenham boss could help keep the 20-year-old on the path to developing into a great player.
Cole said: "Jack is going to be a massive player for Villa.
"It is important the club build the team around him. They have the perfect gaffer for him. The gaffer loves him.
"He wants to give him that time to build the team around him."