Cole has been on loan at the French champions since the beginning of this season but Seydoux admits that Lille's financial restrictions could prove to be a stumbling block in any possible negotiations.
Seydoux told RMC: "Joe Cole has spoken and I thought it was great. It's rare that an English player comes to France and says he wants to continue.
"A discussion was held today. I do not make money. You must be reasonable. We'll see when we will do the main choices."
Cole recently expressed his desire to remain with Lille beyond the end of this season.