Rice has no reason to leave the London Stadium for Old Trafford right now, according to the commentator, who dismisses the idea that joining Man Utd would be an improvement given their current situation.
Cole expressed further support for Rice joining Chelsea, but said that the club's current crisis with owner Roman Abramovich made such a move impossible.
The West Ham manager David Moyes has done a fantastic job with Rice, and Cole reiterated that there was no reason for him to leave the Hammers.
Cole stated, according to the Daily Mail, while speaking at a Bookmakers.com event: "Where is he going? I just don't see him going anywhere, and I don't see [clubs] being able to afford the price.
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