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"It's a make or break season for me," said Cole. "I need to settle down with one team and hopefully score some goals for them.
"I'm Chelsea's player and it's up to them to decide what they want to do with me.
"I've always wanted to play for Chelsea, but unless I'm going to in the team there I would rather stay at Villa."
Aston Villa manager David O'Leary insists no one will be buying the club's on-loan striker Carlton Cole.
The England Under-21 international is spending the campaign at Villa Park after being allowed to build up his experience by Chelsea.
But there have been reports that Tottenham Hotspur want to sign the pacey forward on a permanent basis to add to their attacking options.
David O'Leary will inform Carlton Cole whether he has a future at Aston Villa after the final game of the season.
The on-loan striker has been disappointing since joining from Premiership champions Chelsea in the summer, netting just three times during the current campaign.
O'Leary has been granted a transfer war chest by Villa supremo Doug Ellis, and has publicly stated his desire to bring in a striker to enhance his attacking options.