Ashley Cole is on the verge of quitting Chelsea following a disagreement over his contract, according to a report.

The Sun claims to have learned from an inside source that the England left-back reacted angrily when the club only offered him a one-year extension to his current deal.

Cole is in the final year of his contract and could join another club for free when the transfer window re-opens if the issue remains unresolved.

A club insider told the newspaper: "[Roman] Abramovich has a rule that anyone over 30 can only be given a one-year extension but it's madness in Ashley's case.

"Everyone knows he's the best left-back in the world.

"He trains hard, really looks after himself and can play at this level for many more years to come. There isn't a club in the world who wouldn't want Ashley on a free."

The report suggests that Real Madrid, Paris Saint-Germain and Zenit St. Petersburg are ready to offer Cole lucrative contracts if he decides to leave Stamford Bridge.