Cole, a former City player, is concerned by what he perceives to be their lack of team spirit.
"City have the resources to buy players other clubs can only dream of, but buying them doesn't guarantee success," he said. "It takes time. They'll be up there next season, but winning the Premier league next season? I don't see it.
"There are teams who are more advanced than they are and who are better equipped to win the Premier League. City are lacking in experience, team spirit and guidance.
"Look at Carlos Tevez. One day Mancini says Tevez is going to stay, then Tevez says a day later 'I'm leaving'.
"There's something going on there and you don't know who's stoking the fire.
"They need more guidance, more camaraderie and players who show desire and want to win as a team, not as individuals."
While Cole believes character is lacking at Eastlands, he leaves little doubt as to the reason for United winning a record 19th English League title this season.
"Team spirit has taken them to the championship. There is a great togetherness there," he said.
"They've won games when they've had to. Chelsea went up there thinking they have a great chance, but within 20 minutes the game was over.
"If you want to know a team's credentials, then that's the day to ask. Look how United responded. That day says it all."