The Premier League champions are on the lookout for a new striker after manager Antonio Conte informed Diego Costa that he is not part of his plans for next season.
Everton striker Lukaku has been heavily linked with a return to Stamford Bridge, and Cole believes that the fact that the Belgian is more used to playing in the Premier League makes him a superior option than Real Madrid star Morata.
“Obviously the Costa thing has come out,” Cole told Goal.
“Conte has told him that he wants him out so you would be looking at a striker. Lukaku, there’s a market for him, and you are competing for players. I like Lukaku. I’d take Lukaku, he is like for like with Costa, but they only need one or two players and just keep the continuity going.
Asked whether the pressure of making a comeback could affect Lukaku, Cole added: “I don’t know his character so it is hard to say, but I would say is that the pressure is different when you play for Chelsea, rather than Everton. He is younger [than Costa], that’s in his favour.”
Question marks over Morata
Morata is being talked about as a £70m Manchester United target, meaning Chelsea would face competition should they pursue his signature. In any case, Cole suggests that his lack of Premier League experience would be a concern.
He said: “Sergio Aguero is in his prime, Alexis Sanchez is in his prime. I think one of them three could be enough to make sure Chelsea are not weakened and maybe strengthened a little bit as well. The club will have to do their due diligence on the characters as well.
“The financial structure of it and the cost… I wouldn’t look outside of Lukaku, Sanchez and Aguero. [Alvaro] Morata is another one but he has never played in England so there is a little question mark there. Certainly they would be the players to look at.”
Which striker should Chelsea sign?
There wasn’t much to choose between Morata and Lukaku last season, with both players producing some impressive performances.
Morata scored more goals and provided a higher amount of assists per game, suggesting that the Spaniard is the more clinical option, but Lukaku created more chances and completed a greater proportion of his attempted take-ons.