The Brazilian midfielder is one of Arsenal’s main targets ahead of the January transfer window.
However, it is understood that the Gunners would have to offload players in order to fund a move for the 25-year-old, who was rewarded with a new deal by Villa last year, tying him to the club until 2026.
And Cole believes Arsenal would need to make another big-money approach to persuade Villa to surrender one of their key players.
‘If you’re looking at the price tag around them [Declan Rice, Moises Caicedo and Enzo Fernandes], it has got to be in the ballpark,’ Cole told TNT Sports.
‘He has been performing in the same league as them, performing better than Caicedo, arguably. Rice has been outstanding as well, as he has been.
‘But he is in and around them numbers and he’s a huge asset for the club.’
Meanwhile, despite interest from Arsenal and Liverpool, Luiz believes he is pleased to stay at Villa.
‘I am really delighted to hear the stories, but I am here at Aston Villa,’ the Brazilian said last week to Sky Sports.
‘My attention is completely focused on this. I don’t spend much time reading the stories. I see them, but I don’t pay attention to them, and I don’t look at them every day. My mind is at Aston Villa.
‘Unai is a fantastic boss, to be honest. He has altered the club’s history since his arrival. Aston Villa is a major English club, but things were not going well. Unai has altered it. People now have a higher regard for the club and its players.
‘I believe I am at the pinnacle of my career. The manager expects a lot from me, and I believe he has also benefited me a lot. I am more excited than ever to keep developing and evolving.’
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