The Red Devils have struggled under the guidance of Erik ten Hag so far this season.
Michael Olise has been linked with a move to Man Utd
They currently sit eighth in the Premier League table, 16 points adrift of leaders Liverpool.
Several players have come under fire amid United's poor run of form, including £85.5million man Antony.
The Brazilian winger joined Man Utd from Ajax in August 2022 but struggled to hit the ground running.
He is yet to score or provide any assists this season despite making 22 appearances across all competitions.
United are now understood to be open to letting him leave.
And ex-striker Cole believes Olise would be the perfect replacement.
Speaking to Betfred, the United legend said: "I like the kid and he's very talented. He proved he was a talented kid when he was at Reading and he's shown that at Crystal Palace too.
"Regarding his injuries, injuries are part and parcel of football but judging him on his performances alone, he's grown into that Crystal Palace team and he's still only 22 years of age.
"Is he an upgrade on Antony? Most definitely. I read something that Dwight Yorke said about Antony recently and he claimed that he felt sorry for him and to a certain extent, I feel sorry for him too.
"To this day, I'm still unsure why they paid as much as they did for him and you can say he's young and whatever, but I'm still waiting to see what he's good at.
"If Olise does join in the summer, then he can bring a lot more to Manchester United because he's very direct, he's creative, he scores goals and he's prepared to take people on.
"If the move happens, then it's a signing that could take the team in the right direction."
Olise joined Crystal Palace from Reading in the summer of 2021 and has since made 80 appearances.
However, his game time this season has been cut short due to two hamstring injuries.
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