London, July 4 Spanish football giant Real Madrid are expected to bid for Chelsea star Ashley Cole, after he rejected a new deal with the Blues.

According to reports, Cole has rejected the new contract which would have left him at least 30,000 pounds-a-week short of the club's top earners.

"Ashley loves Chelsea and is genuinely excited about working with new manager 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," The Sun quoted a source, as saying.

"He needs to feel as valued as any of the club's other top players," the source added.

Real Madrid president Florentine Perez and new manager Manuel Pellegrini would be aiming to sign Cole to strengthen their club's defence.

Apart from Madrid, European champions Barcelona are also eying the left-wing back player who currently has a 70,000 pounds-a week contract. (ANI)