Ashley Cole will pen a one-year extension at Chelsea © PA Photos Enlarge

Chelsea defender Ashley Cole has agreed to sign a new contract at Chelsea, with manager Rafael Benitez confirming that only the paperwork is left to complete.

Cole, 32, is out of contract at the end of the season and has been tracked by the likes of Real Madrid and Paris Saint-Germain. However, the left-back will put pen-to-paper on an extension in the next 48 hours.

Benitez said after the 2-1 win over Arsenal: "Now the club has an agreement with the player... really pleased. The paperwork has to be done but the agreement is done.''

The England international has been a fixture in the Chelsea back-line since he joined the Blues in a controversial transfer from bitter rivals Arsenal in 2006 and is widely regarded as the world's best left-back.

During his time at the West London club, Cole has won one Premier League title, four FA Cups, one League Cup and was also part of the team that defeated Bayern Munich in last year's Champions League final.

Chelsea fans may be unhappy about the loss of midfielder Frank Lampard, who is certain to depart Stamford Bridge this summer, but it seems they are set to keep Cole.

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