The 33-year-old, who moved to Stamford Bridge from Arsenal in 2006, revealed on Twitter last night that his career with Chelsea has come to an end.
Cole went on to express his gratitude towards the West London club, while also mentioning a new "journey" that he is about to embark on.
He tweeted: "Thank u Chelsea FC for making my 8 years there a pleasure to work all the staff and players, we've been through a lot, good and bad.
"And of course the fans, how do I start, I can only say thank u for giving the boys confidence to win some amazing trophies, and once again. And this tweet is to the FANS that have stood buy me through thick and thin, I will always have u in my hearts.
"And now I'll be looking for another journey in my life hope it can be like my others full of fun and of course WIN something."
Liverpool are rumoured to be one of the clubs interested in signing Cole on a free transfer this summer.