Newspapers have been buzzing with speculation over England left back Cole this week, following reports that he met Chelsea bosses at a London hotel.
Arsenal's Arsene Wenger is concerned his team's morale has been affected, while Chelsea's Jose Mourinho says Wenger is welcome to ring him if he is concerned by the stories.
"He (Wenger) can call me," Mourinho told reporters after supervising his team's training for Sunday's Premier League match against Manchester City.
Mourinho said he is looking to sign a left back for next season.
"I want to buy a left back because I have only one and I always want two players for every position," the Portuguese manager said, adding that he is not looking for a big name.
"I have a top left back. I need a player to give protection. I don't need a superstar," he said.
If Chelsea, 11 points clear at the top of the Premier League, are found to have made an illegal move for Cole, who is under contract with Arsenal until 2007, they could be fined or deducted points.
Arsenal must, however, make a complaint to the Premier League before any enquiry. Arsenal vice-chairman David Dein was quoted in British newspapers as saying he was considering evidence.
Wenger said any decision about whether to pursue the matter would be taken by Arsenal's directors.
"Do we take the matter further? I feel that has to be discussed by the board," Wenger told a news conference before Saturday's game at Aston Villa.
"I must say at the moment our worry is to get Ashley concentrated on the next game and not on this story. I just feel this whole story didn't help us.
"I have not asked Ashley about it because we play Aston Villa on Saturday, we don't play Chelsea. We play a game that is much more important than that story.
"What does it bring to us to talk about that story? Nothing. If the meeting has happened, it has happened anyway."
NEW CONTRACT
Wenger says he will be watching closely for signs that Cole has been unsettled and still believes the 24-year-old will agree a new contract at Highbury.
"If Chelsea want a player they can call us and we will answer yes or no. It's as simple as that. And with Ashley it would be no, of course.
"Could it affect Ashley's focus? It could happen, yes. As a football player you have to deal with different kinds of situations."
Arsenal's 4-2 home defeat by Manchester United all but extinguished their hopes of winning the title as they slipped 13 points behind Chelsea who are 11 clear of United and on course to win their first championship for 50 years.
Wenger does not want his rivals to be docked points.
"I want to win the championship on the pitch and not to deduct points in an artificial way," Wenger said.
"I don't make the rules, it's only the FA and the Premier League that can decide that. But it's not my target and not my purpose.
"I'm not responsible for Chelsea's behaviour, I'm not responsible to punish them if they have behaved badly."
