According to Paul Gorst of the Daily Mirror, the Blues have been put off by Southampton's valuation of England international Luke Shaw and have instead turned their interest to Sevilla's Alberto Moreno.
The 21-year-old is said to be the subject of a £15 million bid from Jose Mourinho's side, and the player's European and La Liga experience should stand him in good stead for a crack at the Premier League.
Moreno's potential is vast and obvious, and he would likely be the Spanish national left-back were it not for Jordi Alba at Barcelona.
With two caps already at national level, Moreno's sparkling displays throughout Sevilla's season may well see him on the plane to Brazil as part of Vicente del Bosque's squad.
For those unfamiliar with Moreno, he is reminiscent of Cole in his pomp. A wonderful engine and the ability to run all day long are allied to able attacking support play and defensive excellence.
Simple and no-nonsense, direct and aggressive, he really is everything you are looking for in a modern-day defender.
Sky Sports Scout note:
Although Moreno seemingly came from nowhere, the fact Sevilla have taken their time with him has paid dividends, as they did not rush him and then when he made his first-team bow earlier this year - he was clearly more than ready, as his performances have shown.
Diminutive at 5ft 7in, Moreno is full of power and pace - but unlike many modern full-backs, he is a top quality defender.
Yes Moreno loves to get forward, but the accuracy of his crossing and passing is a stand-out feature.
Although Cesar Azpilicueta has done a sterling job in place of Cole on the left side of the defence, it seems fairly clear that Mourinho would prefer the Spaniard to revert to his normal day job on the opposite side of the back four.
To have a fellow countryman to complement the Blues defence may well suit Azpilicueta, who in turn should be able to help Moreno adjust to his new surroundings quickly.
Not averse to the odd foray upfield, Squawka note Moreno's three goals and three assists, plus 16 chances created—impressive figures indeed.
A 78 percent pass accuracy is exactly the same as the vastly more expensive Shaw, and while the Southampton man has created more chances, per Squawka, Moreno has won more duels (57 percent to Shaw's 47 percent.)
If further proof were needed as to Moreno's value to any new employer, the youngster is also adept at working the left midfield slot with aplomb.
Such versatility would give Mourinho an abundance of options and would perhaps avoid another situation like the current and ongoing one, where the west Londoners appear hamstrung by a lack of quality backup in certain positions.
At the reported transfer fee, Moreno's acquisition is something of a "no-brainer." The Portuguese should really aim to strike quickly if he wants to enjoy the fruits of this man's labour, because if he is given the chance in Brazil—for example, because of an injury to Alba—then he will shine in the limelight.
His value will inevitably rocket, and Chelsea could then be looking at a "what might have been" scenario.
Looking at the business side of the deal and Financial Fair Play, why would you spend an estimated £10 million more, per Greg Stobart of Goal.com, on a player (Shaw) who doesn't justify the extra outlay?
Moreno is still very much a work-in-progress, but he is the right age, has the right pedigree and is available at the right price.
Never look a gift-horse in the mouth, Jose.