England star Cole, 25, has been a long-term target for Chelsea manager Jose Mourinho, who is keen to land a left-back after selling Asier Del Horno to Valencia earlier this week.

Chelsea and Cole were both investigated last season after allegations the Blues had tapped-up the player in an attempt to persuade him to move to Stamford Bridge.

Cole was furious that Arsenal's directors and manager Arsene Wenger did not support him during the controversy and is said to be determined to quit the Emirates Stadium this summer.

Chelsea reportedly had a 16 million pounds offer rejected by Arsenal recently and Dein confirmed he had been talking to the west London club about Cole.

He told BBC Sport: "We have had a couple of very civil conversations with Chelsea and there is nothing else to say on that.

"As we speak now he is an Arsenal player and until you hear otherwise he is an Arsenal player.

"If something happened and we decided to take an offer that's another story but at the moment he is under contract to us. He's our player. He started with us when he was 16 and if something else happens we will wait and see."