Cole has also praised the 22-year-old and claimed that Welbeck has proven a lot of people wrong about his ability to play at the highest level.
"I love Danny and he has got a massive future at this club," Cole told The Mirror.
"He has shown those people who were doubting he is more than good enough to play at the highest level with his phenomenal performances against Real.
"All he needs is goals and he will get them. I speak to him and he is always prepared to listen and learn. He has an abundance of pace and works his socks off. When the goal ingredient comes it will top it all off."
Cole was part of the treble-winning United side in the 1998-99 season.