City lifted their first piece of silverware for 35 years when they defeated Stoke in last weekend's FA Cup final and have already secured a Champions League place.
But Cole claims their ambition of building on that success by dethroning reigning Premier League champions Manchester United will end in failure.
Don't get used to it: Roberto Mancini has ended City's trophy drought. but how many more will he win
The former Manchester United striker believes it is impossible to win the championship using the safety-first approach favoured by Mancini.
'They'll be up there, but challenging realistically to win it playing the way they do?' said Cole. 'I don't think the Premier League can be won the way they play football.
'You can't go to the Emirates, come away with a draw, and think that's a good result. Manchester United can't come to Eastlands with you sitting back and being delighted with a draw when you're the home team.
Pedigree: Cole was one of the most feared forwards in the country during his time at United
'We're totally different to the Italian league. Here you must score goals, people want to be on the edge of their seats. The Barclays Premier League is the most exciting league in the world and goals are what its about. Mancini's Italian and you can't see him changing his mindset.
'They wanted to finish in the Champions league spots this season, fair enough. But if they're saying they want to win the Premier league.playing like that?!
'Let's be brutally honest, I don't think any team can win the Premier league playing like that.'
Cole, who scored 93 goals in 195 appearances for United between 1995 to 2001, is also concerned by what he perceives to be City's lack of team spirit.
'City have the resources to buy players other clubs can only dream of, but buying them doesn't guarantee success,' he said. 'It takes time. They'll be up there next season, but winning the Premier league next season? I don't see it.
'There are teams who are more advanced than they are and who are better equipped to win the Premier League.
'City are lacking in experience, team spirit and guidance. Look at Carlos Tevez. One day Mancini says Tevez is going to stay, then Tevez says a day later "I'm leaving".
'There's something going on there and you don't know who's stoking the fire. They need more guidance, more camaraderie and players who show desire and want to win as a team, not as individuals.'
Tevez edges closer to exit as he reveals: I want to leave Man City!Forget Ronaldo and Kaka! Man City rule out massive summer spending spreeIrreplaceable: Tevez is the man City just can't afford to lose this summerAll the latest Manchester City news, features and opinionAll the latest Manchester United news, features and opinion
Explore more:People: Carlos Tevez, Roberto Mancini, Andy Cole