The left-back was voted into the team by visitors to Uefa.com, which describes the defender as 'maybe the most consistent left-back of his generation'.
It caps a superb year for the 30-year-old, who was instrumental in our Barclays Premier League and FA Cup Double last season.
Cole is the only Chelsea representative in the side, though Branislav Ivanovic, Florent Malouda and Didier Drogba were also nominated. Former Chelsea manager Jose Mourinho was voted in as coach.
The team in full is: Iker Casillas (Real Madrid); Maicon (Inter), Gerard Pique and Carles Puyol (Barcelona), Ashley Cole (Chelsea); Cristiano Ronaldo (Real Madrid), Wesley Sneijder (Inter), Andres Iniesta (Barcelona); Lionel Messi and David Villa (Barcelona).
