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FRANK LAMPARD and Ashley Cole will NOT be handed new long-term contracts by Chelsea.

FRANK LAMPARD and Ashley Cole will NOT be handed new long-term contracts by Chelsea.

By MARK IRWIN

The England duo are both in the final year of their current Stamford Bridge deals and are keen to sort out their futures.

But the Blues are only prepared to offer one-year deals to the 30-something stars — even if it means losing them as free agents at the end of the season.

Lampard and Cole can open talks with new clubs once the transfer window opens on January 1.

SunSport revealed yesterday that Lamps, 34, is a £250,000-a-week target for two Chinese clubs, including former team-mate Didier Drogba’s Shanghai Shenhua.

David Beckham’s LA Galaxy are also interested in offering him a two or three-year contract.

Chelsea owner Roman Abramovich will not get into a bidding war as he funds an overhaul of the squad which won last season’s Champions League.

A club source revealed: “Frank and Ashley are still very important to Chelsea but if they stay it will only be on the club’s terms.

“Didier held out for more than one year last season and was given a take-it-or-leave-it offer.

“The owner has made it clear the same will apply to Frank and Ashley.”

Cole, 31, has already KO’d the 12-month offer and is looking for longer-term security before committing to a new contract.

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