Cole, 28, who is with England at the World Cup, has been at the London club since 2003 but media reports said Chelsea balked at wage demands put at more than 100,000 pounds ($144,400) a week for one of their most popular players.
Germany captain Ballack, ruled out of this month's tournament in South Africa due to an ankle injury, arrived at Stamford Bridge in 2006 with an estimated salary of around 125,000 pounds a week.
Published 09 June 2010, 17:42 IST