Cole sustained a knock on his right ankle in training on Tuesday night after a tackle from Claude Makelele.
But the club believe he will have recovered in time with Wayne Bridge on standby.
In a report on their website, chelseafc.com, about the training session the club said: "In a challenge with Claude Makelele in front of hundreds of cameras and the world football press, Ashley Cole hurt his right ankle.
"He was treated, it was tested, then strapped - but after consultation between (Avram) Grant, club doctor Bryan English and physios Dave Hancock and Thierry Laurent - Cole resumed and took full part in the final training game - only disappearing down the tunnel after the players had listened to Avram's address and been stood-down for a final kickaround."
Meanwhile captain John Terry believes both teams will go into the final on an equal footing.
Many pundits have made Avram Grant's side the underdogs but Terry says this game cannot be compared to any of their meetings in the Barclays Premier League.
"It's a different ball game to the league," said Terry. They deserved to win (the title) but it's a one-off game.
"There are no underdogs or favourites. We're hoping we are going to be on our game, fully fit and determined to lift the trophy.
"They have a lot of quality players in the side and hopefully it's a good game but if it's a bad game so be it. It's about getting our hands on the trophy."