LONDON - Chelsea defender Ashley Cole is on Real Madrid radar after he rejected a fresh deal by the London club that would leave him 30,000 pounds-a-week short of the team’s top earners.

The Sun reported Sunday that Real Madrid, who bought Cristiano Ronaldo for a record 80 million pounds from Manchester United, are now ready to bid for Cole after the Englishman rejected the new deal.

Cole, who was signed from Arsenal three years ago, wants to stay at Stamford Bridge but wants the contract to be right.

“Ashley loves Chelsea and is genuinely excited about working with new boss Carlo Ancelotti. He wants to give the best years of his career to the club but the deal has to be right for such an important contract,” a source was quoted as saying by the daily.

“He needs to feel as valued as any of the club’s other top players,” the source added.

Cole, who currently earns 70,000 pounds a week, also interests European champions Barcelona.

But it is the big-spending Real Madrid, which is more interested in the left-back who has earned 71 caps for England.

Real Madrid president Florentine Perez feels that he needs to tighten the club’s defence while new boss Manuel Pellegrini is also a long-term admirer of Cole.