But Cole made it clear that he did not want to spend another year with Alan Curbishley's side and Chelsea have allowed him move to Villa Park instead. The Premier League will now ask Chelsea for their views before deciding how to resolve the issue.
The chances of a quick resolution appear slim as the clubs have a bitter recent history.
Chelsea were fined £5,000 after Charlton complained about the state of the Stamford Bridge pitch when the sides met two seasons ago.
There was further bad blood during the Parker transfer, as Charlton suspected there was a campaign to unsettle the midfielder.
Chief executive Peter Varney said: "Our supporters are expecting to see Cole return to the club on loan for 2004-05.
"The announcement by Aston Villa and Chelsea that they have agreed a year's loan is premature and I do not wish to make any further comment."
