Date: 20th January 2013 at 10:30pm
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Chelsea left-back Ashley Cole will sign a new contract with the Stamford Bridge club in the next few days after agreeing terms, according to interim manager Rafael Benitez today.

Cole had been heavily linked with a move away this summer with the likes of Real Madrid and Paris Saint-Germain leading the chase for his signature but following Chelsea’s 2-1 victory over Cole’s former club Arsenal today Benitez confirmed that the player will sign an extension.

Benitez told Sky Sports:

“I am really pleased, the paperwork has to be done but the agreement is there.”

The news will be greatly received among Blues fans but the figures quoted in the Sunday newspapers may have raised a few eyebrows so it’s likely that the club were forced to pay out more than they intended to in order to keep the player, if you believe the rags then the one-year deal is worth £8 million but I’m not sure what the breakdown of that would be.

Frank Lampard’s future also hangs in the balance as his contract is due to expire in the summer but unlike Cole I cannot see the club continuing to pay his wages and I certainly don’t believe the Daily Star‘s story of him being willing to accept a 66% pay cut.

Lampard isn’t likely to be a first team regular next season should he stay and he’s always implied that he has no interest in sitting on the bench because he believes he is fit enough to play every week, which he is, but Chelsea are building a new side and will want someone that’s more suited to that midfield pivot role. LA Galaxy are the club that is being most closely linked with Lampard as they seek a replacement for David Beckham and the wages/lifestyle would be tempting for any player in the twilight years of his career.

What are your thoughts on the Cole contract news?