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The 30-year-old French midfielder played an instrumental role in both the semi-final and final of Chelsea’s Champions League triumph last season.
Kante scooped the Man of the Match award twice in the semi-final matches against Real Madrid before a masterclass performance against Manchester City in the final.
The Chelsea star was nominated for the 2021 Ballon d’Or alongside fellow club teammates Cesar Azpilicueta, Jorginho, Mason Mount and Romelu Lukaku.
Kante finished fifth in the race for the Ballon d’Or with 186 points, with Jorginho ranking third with 460 points.
Lionel Messi won France Football’s coveted prize for a record-extending seventh time, with the Barcelona legend finishing 33 points ahead of Robert Lewandowski.
Chelsea legend Cole hailed Kante for his “outstanding” influence on his team and insisted that he was “overlooked” for the major individual awards.
Despite missing out on the Ballon d’Or, Cole believes that the 2018 World Cup winner will end his remarkable career with a “bucket load of trophies.”
Speaking to Coral, he said: “I'm going to go with a Chelsea player, having won the Champions League, and say N’Golo Kante. He was overlooked for the Ballon d'Or.
“I've watched him week in, week out and his influence on the team is outstanding. He has missed large chunks of the season through injury and he has been missed. When he has played, he has been outstanding.
“The run-up to the Champions League last season, from the quarter-finals onwards, six out of seven games, including the final, he was the Man of the Match.
“Our eyes are always drawn towards the goalscorers and the technicians, but the influence that man has on his teams is incredible.
“He'll finish his career with a bucket load of trophies, including the World Cup, and I think he's probably one of the most outstanding midfielders ever seen. And he got overlooked for the player of the year awards.
“When we talk Jorginho, he won the European Footballer of the Year and obviously had a great season as well. But N'Golo Kante, I feel he actually outperformed him in similar positions.”
Kante arrived in England in 2015 after Leicester City secured his services in a reported £5.6m deal from French side Caen.
The France international was a formidable force in his debut Premier League season and played a crucial role in firing the Foxes to the league title in the 2015-16 campaign.
Kante left Leicester after one season and completed a move to Chelsea in a reported £30m deal.
The ex-Leicester star, who has made 235 appearances for Chelsea, has lifted a Premier League title, a Champions League, a Europa League and an FA Cup with the Blues.
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