Ferdinand's availability could be crucial as England return to the Maksimir Stadium, where they lost 2-0 in a Euro 2008 qualifier nearly two years ago.
The team never really recovered from that defeat and they ended up failing to reach the championships.
But Cole believes England have no fear of going back to Croatia and is confident a win can put them on course to make the World Cup in 2010.
He said: "We are going for the win. If we do it would put us in driving seat. We can't play for a draw because the game can change in a second, either from a mistake, a set piece or a bad decision by the referee.
"We have the players to do it and have to be mentally tough out there. We need to put on an England shirt and show what we're about.
"Croatia have a lot of quality in their team, with players like Luka Modric and Mladen Petric who can pick you off. If we don't keep hold of the ball and get close to them it can be dangerous.
"But there is no fear. It's a game of football. We can't go out there and play with fear. I will do my best like I always do and I'm sure the other players will do the same.
"Last time, we went out there we were a little naive and maybe underestimated them slightly. We have to stay solid and compact."
When England played against Andorra in Barcelona on Saturday the majority of the fans in the Olympic Stadium were wearing white. It will be a different story in Zagreb, where they struggled to cope with the atmosphere generated by the passionate Croatia fans in 2006.
However, Cole reckons the players are better equipped to handle the occasion this time.
He said: "It will be hostile and difficult, but we're up for challenge. We are all experienced players and been in these situations before."
Meanwhile, Theo Walcott believes he will give England something different if he gets picked ahead of David Beckham on the right wing.
The Arsenal forward said: "I give England a different aspect because I get in behind defenders even though it was hard because Andorra played so deep.
"But it will be a different game on Wednesday, there will be more football involved and plenty of counter attacking, which suits my game."
