Cole is a long-term target for Chelsea manager Jose Mourinho, who is keen to land a left-back after selling Asier Del Horno to Valencia last week.

But Marca say Real could get the man for whom Premiership champions Chelsea recently had a reported 16 million pounds (23 million dollars) offer rejected.

With veteran Real star Roberto Carlos poised to sign for Turkish club Fenerbahce on a three-year deal after previously being linked with Chelsea himself, Real are bidding to replace him either with Lyon's French international Eric Abidal or Cole.

According to Marca, Arsenal could talk business with Real for upwards of 18 million euros with the Spaniards having an eye on both striker Jose Antonio Reyes -- who earlier denied he was looking to go back to his homeland -- and also Brazilian Julio Baptista.