The Chelsea defender has been linked with a move to the French capital on several occasions and Pires believes that an offer could prove to be too good to turn down for his ex-teammate.
"Paris may be of interest for him to all levels - sportingly, financially. It's Paris, it's France," Pires told Le 10 Sport. "I think he might say yes.
"The project of PSG attracts him. I know him well, I'm sure that he is interested. PSG will become one of the biggest clubs in Europe in the coming years, they are trying to get something strong, and he knows it can encourage him to come. There will be a great team and financially it can make a big deal."
Cole's current contract at Stamford Bridge expires next summer.