Cole, who joined Arsenal aged nine, transferred across London with suggestions that his move was financially motivated.
The 38-year-old admits the fall-out from the £5m switch, which saw William Gallas join the Gunners, still "hurts" after growing up at the club."It's still there," he said on Monday Night Football. "It hurts me because it wasn't just my fault. I didn't leave for no reason.
I didn't go to Arsene Wenger and say 'today I want to leave' - there was more to it.
"It happens in football and I see it happen to a lot of other players. It's life.
"I moved on and they moved on, but I do feel sometimes a bit sad because it was my club and I played there since I was nine.
To have that ill-feeling from the fans still is hard sometimes."
Cole insisted he has no regrets leaving the Gunners to join Chelsea, where he went on to have eight successful years.
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