Blues want talented left-back to replace Cole at Stamford Bridge.
Chelsea have joined Manchester and PSG in the race for Everton full-back Leighton Baines, who is valued at £15m by the Toffees, reports the Independent.
Baines, 28, has emerged as one the finest left-backs in Europe in the past year and United strongly considered a bid for the England international in the summer.
The former Wigan Athletic star has two years remaining on his current deal at Goodison Park and, although it is unlikely that David Moyes would sanction the sale of the defender, Everton have proved willing to sell their star players for big money in the past.
United boss Sir Alex Ferguson refused to pay the £15m Everton were demanding in August but Baines has again excelled this season, prompting Chelsea to enter the fray.
Current Chelsea and England left-back Ashley Cole is out of contract in the summer and the Blues regard Baines as a potential successor to the 31-year-old for both club and country.
Mega-rich Ligue 1 outfit PSG, meanwhile, are interested in both Cole and Baines and are likely to wait to see how the situation pans out before making their move.
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