Cole is currently on loan with the French champions and scored his first goal for the club at the weekend.
"Everyone is talking about him in England. Hazard is the best young player I have ever seen at such an age," Cole told French newspaper L'Equipe.
"He has everything to become one of the best players in the world."
Winger Hazard, 20, has already made 22 appearance at senior international level and has scored four goals for Lille this campaign.
He was a reported target of Arsenal and Liverpool this summer but decided to stay in France.
According to talkSPORT Zinedine Zidane will try to persuade Hazard to join Real Madrid instead of a move to the Premier League.