He's got 5 more years on his contract, although he can opt out after next year. Which I'd think he would do unless his 2024 is sharply below past performance. Cole's underlying numbers are a little worse than the past few years, but not enough that we'd expect the wheels to come off.
Given the vagaries of pitching, if I were to trade Cole in a rebuild, I'd wait for an offer for which the headliner was a young batter. Kyle Wright at 27 years old coming off injury and two top 50 prospects isn't enticing for me. Your league's market may differ. Cole being initially drafted at 1-1, having a solid body type, and several years of solid to great production makes me think he's got an Ovechkin-like aging curve. He can do what Scherzer and Verlander have done. Given the existence of the player opt out after next year, if Cole is motivated by such things, then next season might be the better time to look to deal him.