Cole's future has been the subject of speculation with the 31-year-old entering the final year of his Blues contract.
It was reported that Chelsea had yet to open talks with Cole over a contract extension, with the player supposedly holding out for a deal worth £200,000 a week.
Blue is the colour: Cole has confirmed his commitment to Chelsea, despite links with PSG
However, Cole has taken to social networking site Twitter to dismiss talk of his pay demands and explain that talks have only just got under way.
The left-back wrote: 'Contract talks have not stalled just started, and 200k are you for real, I'd never ask for that..'
The 31-year-old recently pledged his commitment to the Blues' cause on Twitter, saying 'until Chelsea don't want me I'm #cfc4life', but his failure to pen a new deal increased speculation.
European champions Chelsea let Jose Bosingwa, Didier Drogba and Salomon Kalou all leave on free transfers this summer and PSG have splashed the cash, picking up Zlatan Ibrahomovic, Thiago Silva and Ezequiel Lavezzi.
Cash demands: Cole has denied asking for £200,000 per week to stay at Stamford Bridge
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