The snub is being seen as a sign that Cole wants out from Arsenal this summer and, with Chelsea ' s interest for the left-back position now focused on Asier Del Horno, Real Madrid are leading the chase for Cole.
But Arsenal sources insist that they will not let him go, a stance which raises the prospect that he will leave on a free transfer when his contract expires in 2007.
Dein said: "We don't want Ashley Cole to leave. We expect him to respect the two years remaining on his current contract, and look to extend his contract and hope that he stays longer. As a club we did not want to see him punished.
"With regards to Ashley Cole's position, it is not untenable, everyone makes mistakes."
