The 34 year old England International signed with Roma a year ago on a free transfer when his Chelsea contract ran out. He only made 11 appearances last campaign, and his chances of playing were extremely slim for the 2015-16 campaign. Roma signed Lucas Digne from PSG over the summer, leading to Cole and Roma mutually agreeing to terminate his contract. According to ESPN, he also received other offers to return to the Premiership, but he also rejected those offers. He cited the lifestyle preference in Italy and the lack of paparazzi lurking around, unlike his time in London.
Regardless of the report, this sounds like a half-serious offer from Newcastle. They are looking pretty set at left back with Massadio Haïdara and Paul Dummett both likely to be preferred to an aging Cole. I also doubt he is any faster than Fabricio Coloccini. This puts him in the same position he's already in at Roma, only with more paparazzi.
After making only 26 appearances in his last Chelsea campaign and 11 last year with Roma, it might be time for Cole to hang up the boots--or consider a switch to the MLS.