The Chelsea star believes he has one last big move in him and has targeted a switch to either Barcelona or Real Madrid.
Cole, 30, still has more than two years to run on his ?120,000-a-week deal at Stamford Bridge.
Big ideas: Ashley Cole is rumoured to be considering a move to Spain
A source close to the footballer told The Mirror: 'Ashley has told friends he sees his future abroad and he wants to persuade [ex-wife] Cheryl to come with him.
'It all boils down to what Cheryl wants, but the early signs are she would be up for the idea.'
The England international would only expect a 'small' pay rise to ?150,000 a week at Real Madrid - but his take-home pay would be substantially higher due to the tax rules in Spain.
Reunited? Cole could link up with former boss Jose Mourinho
Real boss Jose Mourinho, who managed Cole at Chelsea, was strongly linked with a reunion last summer.
But then Stamford Bridge supremo Carlo Ancelotti ruled out a move and Cole remained in London.
Rated at around ?25million and widely considered to be the best left-back in the world, Cole would not be without his suitors if he does decide to up sticks.
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Source: Daily Mail
Source: Daily Mail