The 42-year-old has been in charge of the Gunners since Unai Emery was dismissed following a poor run of form, and Cole believes that he should be given the hot seat full-time.
Speaking to Sky Sports, he said: “Freddie is there and hopefully he can take over as permanent manager – he knows the club inside out.
“Freddie was my friend at Arsenal and hopefully he can change some things there.”
Is Cole right about Ljungberg?
If we’re being completely honest, the initial stages of Ljungberg’s tenure have hardly set the world alight.
The Gunners have recorded some underwhelming results, and their one win under the Swede came against a West Ham side that are so woeful it hardly feels like an achievement.
Perhaps that is a residual issue stemming from the remnants of Emery’s time at the helm, but at the very least you would be hoping for some kind of bounce from the squad, even in terms of their attitude.
Instead, the Gunners look as lacklustre as ever, and if Ljungberg is using this as an audition for the top job, then he needs to get his act together.
The longer this middling form goes on, the less chance he has of securing the position, although there would be those who might argue he has already blown his chance.