The Stamford Bridge left-back met with the rap superstar in New York to plan their joint-venture of opening a new restaurant in London next year.
Cole is not the first England international to open an eaterie with fellow defender Rio Ferdinand already enjoying success in Manchester.
Run this town: Ashley Cole and jay-Z are joining forces to open a new restaurant in London next year
But the Blues ace's business will adopt the Jamie Oliver Fifteen model and help the long-term unemployed.
'It is really exciting to be working with a star like Jay Z,' Cole told The Sun.
'And the fact we can help unemployed people by training them up and putting them to work at a top place while also helping charities makes it a great project.'
Cole returns to Chelsea's Cobham training base this week to start pre-season training and the 30-year-old said he is looking forward to working again with new boss Andre Villas-Boas.
The Portuguese manager was once Jose Mourinho's trusted scouting lieutenant and would hand stars like Cole DVDs of the opposition.
Cole said: 'Honestly it was amazing how thorough he was.
Exciting times: Cole is looking forward to working under new manager Andre Villas-Boas
'He would brief Jose on all the players we were facing to the point where we knew which foot they favoured, whether they liked to go inside or outside... If we'd wanted to know what they had for breakfast I'm sure he could have told us!'
And Cole believes last season's empty-handed Blues can be successful again under Villas-Boas - the man just three years older than the ex-Arsenal ace.
'We already know how enthusiastic he is so hopefully it will all come together and we can start winning trophies again,' he added.
'People say they are surprised he's Chelsea manager because he's so young but since he left us he's won everything he could at Porto.
'As far as I'm concerned the future is great. I really believe there are exciting times ahead at Chelsea.'
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?Explore more:People: Rio Ferdinand, Jose Mourinho, Ashley Cole Places: Manchester, London, New York, United Kingdom
Source: Daily Mail
Source: Daily Mail