Cole was speaking after Arsenal's 2-0 win at Leicester City today.
He said on TNT Sports: "These little touches in and around the box - I don't even want to say it, but it's like Lionel Messi. I don't want to put any more pressure on him, but the touches off the back foot entices the defender, then the touch off the toe to send him off balance.
"He plays with such confidence, a beautiful player.
"Arsenal and Mikel Arteta have to protect him, they would have liked him to only play 60, 70 minutes today."
Former Gunners and Arsenal defender Martin Keown also said: "Where will he end up playing? It's a nice problem when Bukayo Saka gets back fit.
"He was immense, coming back off the line, stepping in. He looks so assured, his decision making is different class."