Ashley Cole has become the highest paid defender in world football after negotiating a one-year contract worth ?200,000 a week.
Chelsea expect to announce the contract extension ahead of Wednesday?s Capital One Cup semi-final against Swansea, but the deal has been agreed.
Although Ryan Bertrand seems to becoming through the Chelsea ranks well and is an ideal back-up to Cole, the Chelsea board feel that Bertrand needs a season or two longer before he can establish himself in the starting line up.
Cole's agent had held talks with Real Madrid and PSG, but Cole always favored a stay at Chelsea rather than move away from London.
It has also emerged that Chelsea were determined to lift supporters? spirits by making a major announcement after their depressing form at Stamford Bridge under Rafa Benitez.