On 6 August 2003, Cole signed for Chelsea for a fee of £6.6 million after he had rejected a new contract with West Ham. He was the sixth player signed after the club's takeover by billionaire Roman Abramovich, amongst those was his former West Ham teammate Glen Johnson. Manager Claudio Ranieri saw Cole as the perfect replacement for Gianfranco Zola, whom the club had released earlier that year, and West Ham declared that the transfer was enough for them not to sell any more players that summer.