Wolves bag Cole
Wolves manager Dave Jones turned his attention to Cole after being rebuffed in his efforts to sign Tottenham Hotspur's veteran striker Les Ferdinand.
Jones was keen to bring additional attacking options with strikers Nathan Blake and George Ndah both sidelined through injury.
With Gianfranco Zola, Eidur Gudjohnsen and Jimmy Floyd Hasselbaink all vying for places in The Blues` front line, chief executive Trevor Birch was keen for the youngster to get some invaluable first team experience.
"As everyone knows, Carlton has done excellently this season when he has been given a chance in the first team," said Birch to Chelsea's official website.
"But with Eidur Gudjohnsen and Jimmy Floyd Hasselbaink now back to full fitness and Gianfranco Zola in such good form, he was only likely to receive a limited opportunity to play in the short term.
"This loan is ideal as he will have the chance to play regularly in a good side at a good level, build his confidence further and hopefully score some goals."
