Aston Villa are the bookies favourites to be the full back's next destination as he's also linked with a Premier League return.
The former Arsenal defender was released by Galaxy but has since been offered just £5k-a-week, which is more than half of his previous deal with the club.
Aston Villa are currently the favourites to land Cole at 4/1.
This would see Cole reunite with his former Chelsea and England team-mate John Terry, who is now assistant manager at Villa.
While West Ham lead their Premier League rivals in the bookies market at 8/1, ahead of Manchester United.
But a lucrative move to any Chinese Super League club is the same price as move to any MLS club at 6/1.
Betfair: Ashley Cole next club
Betfair Spokesperson Katie Baylis said: “With LA Galaxy releasing Cole, there’s plenty of speculation on what he will do next.
"We make it 12/1 that he’ll go into coaching and 20/1 he’ll take on a manager role and even 100/1 that he might follow his ex-wife Cheryl into the entertainment industry.
"While he’s 37, turning 38 next month, we still think that he sees himself with more to give from a playing perspective though and it’s 1/100 that he’ll end up running out on the pitch for a little while longer.
"If that’s the case then we make Aston Villa the 4/1 favourites, with a move to another MLS club, or to China at 6/1 and West Ham at 8/1.
"We have a move to play under his former England and Chelsea team mate Frank Lampard at Derby County at 10/1 which would surely be a great story.”
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