The 33-year-old, who called time on his international career after failing to make the England World Cup squad, said in a Twitter statement that he will leave the club when his contract expires on June 30.
"I am weighing up my options for playing next season with my agent and sadly it does not look like Chelsea will be one of them," Cole, capped 107 times for England, said in series of Twitter comments.
Cole, long a lynchpin of the Chelsea and England teams, had become a fringe player in Jose Mourinho's squad this season.
The Portuguese coach preferred Cesar Azpilicueta at left back for much of the season in which Chelsea finished third behind champions Manchester City and Liverpool.
Cole made just 17 Premier League appearances, his lowest total in a single campaign for the club.
He was in tears after the final home game, which now looks certain to have been his Stamford Bridge farewell.
The former Arsenal man was one of a trio of experienced players whose deals were up in the summer, along with Frank Lampard and John Terry.
Captain Terry has since signed a one-year extension, but Lampard, 36 years next month, is still undecided, with the midfielder's immediate focus on England and the World Cup.
Since his move from Arsenal in 2006, he has won one league title, four FA Cups, the Europa League and, the Champions League.
Despite being in the twilight of his career, eight clubs including Liverpool and Real Madrid are reportedly interested in signing the defender, who has however ruled out a move to the United States.
