Cole, who was only a day in to a second month long loan, would not have been able to play in this Sunday's FA Cup clash with Newcastle as Chelsea don''t want him cup-tied, but it is still a blow for Dave Jones.
Our league form has been faltering and Wolves are now left with just two strikers, George Ndah and Kenny Miller, available for the biggest game that Molineux has seen for a long time.
Wolves are looking at other options, but have had a set back already as Magpies Boss Sir Bobby Robson has said that any loan move for Carl Cort by Wolves will be rejected.
A few Wolves fans have stated their desire to bring Adam Proudlock back from his loan spell at Sheffield Wednesday, where he has scored two goals in the last two games, but Wolves cannot recall him until after the first 28 days of his loan, so that is a no go for now.
Dean Sturridge is out for around six weeks, but could return in at least three weeks if his progress goes well and top scorer Nathan Blake won't be back for a while as he is slowly recovering from his ankle injury.
In my view that leaves Wolves with only two options.
The could recall Cedric Rousell from his season-long loan at Mons in Belgium, where he has already hit double figures, although Jones seems reluctant, saying a few weeks ago that Rousell is 'happy there' suggesting that he won't score for us because he won't be pleased coming back.
The other option, which hasn't been mentioned but with this crisis, might have to be considered - Michael Branch.
I always thought he gave 100% for Wolves so why not give him another chance? Kenny Miller is just a £3 million version (and he puts in less effort) of the little scouser and he gets in the first team so why not give Branchy a go?
George Ndah has hopefully recovered from a bout of flu, otherwise Kenny Miller will be the only one 100% fit!
God Help us! C'mon Wolves!!