Cole's current contract at Stamford Bridge expires at the end of the season and his long-term future is uncertain after falling behind Cesar Azpilicueta in Jose Mourinho's affections.
After watching his struggling Milan side record an underwhelming victory over Catania on Sunday, Seedorf spoke of his desire to strengthen his squad in the full-back positions.
"I'd prefer the likes of Cafu and Serginho on the flanks, but we don't have them!" he told reporters.
"[Daniele] Bonera has brought great balance to the side, [Kevin] Constant is a midfielder, [Urby] Emanuelson has played as a full-back a few times in his career, but we don't really have a left-back."
Mikel is also a target, but any move for the Nigerian this summer depends on whether Milan decide to sign Valencia loanee Adil Rami and QPR midfielder Adel Taarabt on permanent deals.
Should they not, the Rossoneri will free up somewhere in the region of €14 million to use in their pursuit of Mikel, who moved to Stamford Bridge from Lyn Oslo in a deal worth €19m in the summer of 2006.
Milan and Chelsea remain on good terms, having successfully negotiated the transfer of Michael Essien to San Siro for an undisclosed fee in January.
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