Roberto Di Matteo was shown the exit door just months after helping Chelsea lift the Champions League trophy for the first time in the club's history.
The Italian coach failed to help Chelsea stay at the top of the table and was replaced by Benitez - a move which has infuriated the Chelsea fans.
To make matters worse, Benitez has suffered a nightmare start and has failed to record a win in his opening three games.
But former Blues forward Cole still feels the Spaniard can turn things around and could even win a major trophy this season.
Cole, speaking in the matchday programme, said: "Rafa Benitez has taken over now and good luck to him.
"He knows the Premier League really well and has got the ability to take a strong Chelsea squad and turn it into title winners and maybe Champions League winners, you never know!
"He has got the experience and hopefully they can challenge again up the top half of the table and do well."