A person familiar with the situation says Ashley Cole has agreed to sign a new deal with Chelsea .
The man spoke on condition of anonymity because Cole has yet to sign the new contract, with formal paperwork to be completed in the coming days.
The left back, who has played 99 times for England, is out of contract at the end of the season and has been linked with some of Europe's big teams, including Real Madrid and Paris Saint-Germain.
Having allowed striker Didier Drogba to run down his contract at the club last season, Chelsea also appears willing to release 34-year-old midfielder Frank Lampard - another stalwart at Stamford Bridge - this summer.
Keeping Cole at the club may appease some fans unhappy at Lampard's expected departure.