Mark Hughes steps up bid for John Terry

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City have already signed Gareth Barry, Roque Santa Cruz, Carlos Tevez and Emmanuel Adebayor for a total of £80million this summer and they are determined not to stop there.

Reports this morning suggest the club's Arab owners are so determined to sign John Terry that they will offer him £250,000 per week in wages and pay Chelsea £50m.

City boss Mark Hughes is preparing to make his last-ditch move after the Blues skipper gave his first indications to owner Roman Abramovich that he is willing to sign a new deal to stay at Stamford Bridge.

Even if they are unable to land Terry, Cole believes City will still pose a major threat next season and have a great chance of qualifying for the Champions League.

The left-back, currently on tour in America with the rest of the Chelsea squad, said: "Everyone in the top four is vulnerable. You see the players that have left, like Cristiano Ronaldo at Manchester United, and you're going to miss players like that.

"City seem to have attracted some good players in Barry, Tevez and Adebayor and they will be a threat.

"It's only going to improve the League and make it tougher. That is a good thing but I just hope they don't finish above us.

"I wouldn't like to say that City will definitely finish in the top four because it does take time for players to gel but it's made it more interesting and exciting for the neutral."

City's success in the transfer market is in contrast to that of Chelsea, who have so far failed to sign the 'marquee' player they crave.

Cole is hoping that the club will be able to change that soon and give the squad a lift with the start of the new season three weeks away.

He added: "Our squad is very strong but it's always nice to see big players coming to this big club. It's always a boost for the current players to see new ones coming in."