Several Championship clubs are ready to offer the former Chelsea and Arsenal defender the job of head coach.
Cole, 43, already has some coaching experience, assisting Frank Lampard at Everton, Wayne Rooney at Birmingham and Lee Carsley in the England U-21 youth team.
According to the Daily Mirror, now Cole, who has played 107 matches for the England national team, is ready to try himself as an independent specialist.
Championship clubs are already making their inquiries about Cole, who is currently still employed at Birmingham, who relegated to League One at the end of this season.
Cole has a huge experience of performing at the highest level. In the Premier League alone, Ashley has played 385 matches, winning 62 percent of them.
Last month, the achievements of Cole, a member of Arsenal’s Invincibles from the 2003-04 season, were marked by Ashley’s inclusion in the Premier League Hall of Fame.