Cole's contract runs out next summer and he has been linked with several clubs, including Manchester United.
The 31-year-old is thought to be holding out for a longer contract and Di Matteo believes that he should get one.
"Of course I want him to stay here," the Italian told the Daily Mail. "That is something that they have to sort out between the two parties, player and club.
"He's a fit boy, he plays every game or he can play every game, so he has many years in front of him.
"My point is that I would like him to stay. Ultimately I make recommendations [but] the board makes the final decisions on these issues."
Chelsea face Manchester United at Stamford Bridge this afternoon.