21-year-old United youth product Welback has started four of the Red Devils' last seven games and has netted three goals in the process, including last Sunday's all-important winning goal against Arsenal.
His Gunners' strike was hot on the heels of his magnificent peach of a strike against arch rivals Manchester City in the FA Cup earlier in the month.
Speaking to ManUtd.com and United Review, ex United goal machine Cole lauded the footballing talents of the precocious Welbeck.
"I think Danny's brilliant, and it's fantastic for his confidence that he's starting so many big games," Cole told us.
"Javier Hernandez has been injured and has been finding it tough to repeat what he did in his first season. Sometimes your second season is your toughest, I went through that myself."
"Danny has come in and grabbed his chance with both hands and he's playing very well. He's playing with confidence and getting goals too."
In fact, Cole can see the distinction between himself and that of Welbeck in terms of how they operate on the pitch.
"You might say I was a bit of an old-fashioned centre forward when I played, in that I always wanted to try and run in behind defenders and get chances that way. To see Danny doing that is great."