The veteran left-back was barely used by Jose Mourinho last term, and saw his contract expire at the end of the season.
Despite being 33, Cole is said to have plenty of offers on the table from clubs such as Liverpool and teams in the MLS, but when he returns from his holidays he will make a decision on his future.
It is understood that hanging up his boots for good is a genuine option, even though he is still fit enough to perform at the highest level and free of injury.
Cole wants to be playing regularly at the very highest level after a long spell at Stamford Bridge, but such demands may not be met by interested clubs.
The defender was recently snubbed by Roy Hodgson for the World Cup despite his wealth of experience – he’s won over 100 caps for the Three Lions.
Cole started his career at Arsenal before joining Chelsea in 2006.
Since moving to west London he has won the Premier League, four FA Cups and the Champions League in just over 200 outings.