The England midfielder would be willing to step forward if needed should Sunday's World Cup last 16 match with Germany go to a shootout.
Cole has not been previously put on the spot while at West Ham, Chelsea or with his country.
He told BBC Sport: "I've never taken one professionally. When I was at West Ham we had Paolo Di Canio who always took them.
"At Chelsea it's Frank Lampard and with England it was David Beckham so I've never taken one.
"That's not to say I wouldn't. You have to be more of a man and step up and take one rather than shying away.
"But I don't think it will be a surprise who the first five would be.
"You look at Gareth Barry, Frank (Lampard), Steven Gerrard and Wayne Rooney. If the manager then looks at me, I'd say yes."
Cole has become the 12th England player to play in three World Cups after Billy Wright, Tom Finney, Bobby Moore, Bobby Charlton, Peter Shilton, Terry Butcher, Bryan Robson, Sol Campbell, Beckham, Michael Owen and Ashley Cole.
He said: "That's a good list to be on. It's unbelievable, incredible.
"But I think there will be a few more. We all started young so a few more will get there - and maybe a few could get to four World Cups."
Cole admits he is not a fan of the Golden Generation tag given to the current crop of England players because they have never won a major tournament.
But Cole, who is to be released by Chelsea this summer, is more optimistic than ever that England can triumph in 2010 and overcome Germany.
Cole said: "We don't like to be called the Golden Generation. That was put upon us. We don't like it because we've not won anything.
"I remember the Portugal team who were called the same and they never won anything either. We want to win something. Then people can rightly call us that.
"But I think we can do it this time. I've never felt it like this before in other tournaments.
"You always think you can do it but this time I think it's our time and we can do it if the country believes.
"I thought it was an excellent performance against Slovenia and we can't wait to get to grips with Germany."