Starring on-loan with West Ham United, Lingard's form is attracting interest from across Europe.
Cole told talkSPORT: "Manchester United need to decide whether to take Lingard away from his loan at West Ham or sell him in the summer for a large sum.
"If I were Manchester United, I would sell him.
"If I were Lingard, I would like to leave and play more. That's for sure."