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The hunk, who separated from Sienna Miller few weeks ago, was seen with his former flame at London's new hotspot The Box.
A source says the couple was 'struggling to see each other' as Cole is traveling around the world for her job while the actor spends most of his time in Los Angeles.
The musician has declared that he won't be 'a back-seat investor', thus he plans to spend more time in London if he buys shares of the British soccer team.
A source moreover says that 'a decision was made to close down the project' and 'it's unlikely it will ever see the light of day.'