Instead Cole's statue will be placed in Regent's Park due to it being equidistant to the club's two stadiums.
The statue is due to be unveiled in June 2016 - the tenth anniversary of when Ashley Cole nearly 'swerved off the road' after hearing Arsenal were only offering him £55,000 a week - a move which led to him joining Chelsea.
It is also understood that Crystal Palace, whom Cole played 14 games for during a loan spell in 1999, have officially requested that at least 'one sock' on the statue is red and blue striped as a nod to his time at Selhurst Park.