Barcelona and Real want Ashley

Both Spanish giants are monitoring his situation closely and are ready to meet Chelsea's £25million valuation. Cole's marriage to pop star wife Cheryl looks doomed after his sleazy string of affairs.

And a highly-placed source last night refused to rule out a summer move to Spain. He said: "Ashley is having a rough time at the moment. If he and Cheryl get divorced, why would he want to stay in this country?"

Madrid first expressed their interest in the England star when he signed for Chelsea from Arsenal in August 2006. They remain desperate for a left-back and, if ex-Blues boss Jose Mourinho takes over as expected in the summer, Cole would be the ideal target.

Cole, 29, could expect to earn up to £150,000 a week at the Bernabeu. Relations between Chelsea and the player are already strained.

Blues owner Roman Abramovich was furious to learn Cole had smuggled girls into team hotels and is now expected to fine him two weeks' wages of around £200,000 for damaging the club's image.

Chelsea feel let down by their international defender, though boss Carlo Ancelotti will fight to keep the man he rates the world's best left-back.