The former Blues ace is training with the club to maintain fitness ahead of returning to training with LA Galaxy in January.
But rumours have been swirling that he could make an unexpected return to help Antonio Conte’s title tilt.
Speaking on Soccer AM Cole explained: “Have you not heard I’m signing back for them now? That’s a joke by the way.
“Have you not heard I’m signing back for them now? That’s a joke by the way”
Chelsea hero Ashley Cole
“It has been good training with the young kids and being back there seeing some old faces.
“I’m just enjoying being back there. I go back to Los Angeles in January so I’m just trying to stay fit.”
He added: “Yeah, it’s my first one, I’ve been trying to just stick to the football and leave that to the experts like Jamie [Redknapp] here but I’m going to give it a try today.
“I don’t know how it’s going to go. I’m a little bit nervous but we’ll see. I don’t think it’s going to be my day job anyway.”
Chelsea are currently six points clear of Liverpool at the top of the table after 10 straight Premier League victories.
Conte’s side will look to make it 11 on the bounce at Selhurst Park to stretch their lead to nine points.