The Blues have been strongly linked with Porto ace Deco following the arrival of Jose Mourinho at Stamford Bridge.
Mourinho is a big fan of Deco and is thought to be keen to bring him to West London along with Paulo Ferreira.
Deco seems set to leave Porto and he has been linked with the likes of Real Madrid and Bayern Munich.
Chelsea chief executive Peter Kenyon appears to have ruled out a move for Deco believing that they do not need him with the likes of Cole pushing for regular first team action.
"Deco is a good player, but we've got Joe Cole and Joe has to feature I think," Kenyon told Chelsea TV.
"I spoke to Joe just before he went off to the Euro's. He was burning to get on and make his mark.
"He clearly wants to make his mark with Chelsea, and we really want to give him the opportunity. I think Joe Cole again comes back to representing that young English player who's got real quality and we've got to give him that platform.
"I think again, they've got to be given a chance and I know that Jose's position. I put Deco very much in the speculation camp."
Kenyon also revealed that the club are interested in Marseille striker Didier Drogba.
Chelsea have already had a bid rejected for the Ivory Coast star with Marseille determined to hold onto their top striker, but Kenyon admitted they will keep tabs on Drogba.
"I think Drogba has been a phenomenon in the last eighteen months to two years, you know he is big," added Kenyon.
"I think he's twenty-six. He is big and physical, and fast, and you have to think that those are good traits for the Premier League, but again, we've got some top quality strikers and what we've got to do all along is balance what we've got with who else is on the market, and that's something again we're looking at right now.
"But yeah , we understand and we know who the player is."
The possible arrival of a new striker would cast doubts over Hernan Crespo and Adrian Mutu.
The pair failed to live up to expectations last season, but Kenyon insists there is no plans to offload the duo.
"Right now there are no plans, I mean they are both Chelsea players," said Kenyon.
"So I think in both players, you've got to say we've got good players, and I think the key issue is can they replicate that and do it for Chelsea."
