Brazil international Neymar, Anderlecht's 18-year-old Belgium striker Romelu Lukaku, Tottenham's Croatian midfielder Luka Modric and Porto duo Radamel Falcao and Joao Moutinho are all reported targets.
And Cole feels some fresh blood can only help Chelsea's ambitions on all fronts, saying: "We just fell short last season, we had a lot of injuries so hopefully if we do bring players in we can strengthen the squad and kick on because we've got so many great players in Chelsea we should be winning the league two times on the trot, which we didn't."
He added: "I think all teams would love to see fresh faces, but the age thing, it creeps up on players and as you get older you get knocks more and things like that but they're very professional players in Chelsea and if we can add to that with maybe some younger players I don't see why we can't improve on last season and win the league, win the Champions League and win the FA Cup because we've got the players to do it.
"A lot of players' dreams are to win the Champions League, I have played in two finals, but of course we want to win - but we want to win any trophy."
At just 33, Portuguese coach Villas-Boas will be the youngest boss in the Barclays Premier League next season, having been appointed successor to experienced Italian Carlo Ancelotti.
It has been suggested the former Porto manager, who guided the Dragons to domestic and Europa League success last season, will find it difficult to command respect among the older squad members.
However, England defender Cole, 30, feels Villas-Boas - no stranger to many players from his time at Stamford Bridge as a part of former manager Jose Mourinho's backroom staff - will soon settle into his new role.
"Age is just a number, he has experience of being at Porto, a big club," Cole said. "Hopefully he can bring that glory to Chelsea, but I don't think the age thing is anything to worry about, I don't think the players think about that. He is our manager now and we have to go out and fight for him.
"Whatever manager comes in we respect him, we are not kids, everyone thinks there are egos at Chelsea, but there aren't and we have to make Chelsea the squad of a few years ago and win trophies."
Source: PA
Source: PA