The Norway international, 22, registered his 45th goal in all competitions on Wednesday – more than any other Premier League player has ever managed.
Haaland moved to the Etihad in the summer from Borussia Dortmund and Cole lauded him following City’s Champions League quarter-final first-leg victory.
‘Just ridiculous,’ Cole said about Haaland’s impressive performance on BT Sport. ‘His assist [for Bernardo Silva] was outstanding.
‘The frightening thing is that he is just going to get better and better. He’s going to become more and more complete.
‘I was saying to Rio [Ferdinand] I think he is going to score 1000 goals. He laughed at me.
‘But look at the numbers, if he played until his mid 30s and doesn’t get injured [he can do it].’
City boss Pep Guardiola was delighted with his side’s performance as they put one foot in the Champions League semi-finals.
‘When you are there you realise how good Bayern Munich are as a team,’ he said.
‘It was a tight game for 60 minutes. In a lot of moments they were better than us but after 65 minutes we got the second goal and that helped us a lot.
‘We made some changes. With the ball we were better and I am happy for the result.
‘I lived in Munich for two years, I know the mentality and quality they have. Still a strong game to do.
‘We were aggressive, the second goal was for that. We did it, how they defended the back four today was amazing.
‘Looking at their bench, there was always a threat, it is really, really good but there is the second leg to play.’