Frank Lampard took over a youthful looking squad last season and helped them qualify for the Champions League despite being under a transfer ban.
Although they impressed going forward, with the likes of Mason Mount and Tammy Abraham taking to the Premier League like ducks to water, there were still major issues defensively.
In the 2019/20 campaign they had the 10th worst defensive record in the league, conceding 54 times.
Lampard looked to address those problems in the summer, as although he spent plenty on a new-look attack, he also brought in Thiago Silva, Edouard Mendy and Ben Chilwell, all of whom have enjoyed excellent starts to their careers in London.
With them looking much more solid, Cole can't spot any glaring weaknesses.
"I think Chelsea are genuine contenders," Cole told BT Sport.
"I think all the English sides, you can’t discount any of them from going all the way in the Champions League because of the quality and the strength of our league.
"I don’t feel there are any weaknesses in the Chelsea side at the moment. I feel there aren’t any glaring weaknesses, there are areas to improve on.
"But if you look at the last two months, certainly since Chilwell, Mendy, and Silva have got into the back four, the clean sheets have started to happen.
"We look safe and secure from set-pieces. So those things have improved dramatically from last season. I think there are still areas where Chelsea can improve and they will improve.
Not only does Cole believe they are Premier League contenders, but can fight for Champions League glory, too.
"But certainly, I put them down as contenders to win the Champions League and the Premier League this year," he added.
Chelsea face Sevilla in the Champions League on Wednesday, with the chance to top the group presenting itself.