Ashley Cole
Real Madrid are set to offer Cole a two-year deal worth £10m.Reuters

Spanish giants Real Madrid are reportedly leading the race to sign Chelsea's estranged left-back Ashley Cole on a free transfer this summer.

The 33-year-old, who has stated that he expects to leave Chelsea this summer, has been offered a two-year deal worth £10million by Real, according to the Mirror.

The former Arsenal man, who recently announced his retirement from international football after being left out of England's World Cup squad by manager Roy Hodgson, has reportedly been targeted by a number of big clubs, including Manchester United, Manchester City, Liverpool, Inter Milan and Monaco.

City are very interested in Cole as they are in need of players who will be available at a fairly cheap rate. The Citizens are only allowed to spend a maximum of £49m in the transfer market this summer as a punishment for breaching UEFA's Financial Fair Play (FFP) rules.

Apart from being available on a free transfer, Cole also meets City's other requirement of getting some home-grown players in the squad. City, who need at least four home-grown players in their truncated 21-man squad for the Champions League, will be eager to snap up the English left-back, especially since the club are reportedly planning a mass exodus of fringe players this summer.

Liverpool boss Brendan Rodgers, who snapped up Kolo Tourefrom City on a free transfer last summer, is also reportedly keen on doing the same with Cole this time, to strengthen his side's defence.

Super-rich French side Monaco, who recently announced the departure of manager Claudio Ranieri, are also reportedly ready to make a very good offer for Cole.

Despite the interest from all the English clubs and Monaco, the left-back, who has made 229 Premier League appearances for Chelsea after joining from Arsenal in 2006, will probably move to Real and team up with former Blues boss Carlo Ancelotti.

The Italian, who is busy preparing his side for their clash against La Liga champions Atletico Madrid in the Champions League final, has worked with Cole for two years and knows that the full-back's vast experience will help the Los Blancos do even better next season.