It was doubly hard on Kolo who missed his penalty with the score at 7-7 after both teams had converted all their spot-kicks to that point.
Zambia missed their next effort, too, but when Arsenal striker Gervinho missed immediately after, The Copper Bullets didn't waste their opportunity to create history, scoring a decisive eighth to win the game.
It's Zambia's first ACN triumph and a fitting epitaph to the 18 Zambian players who were killed in a plane crash in 1993.
Earlier, Yaya had the chance to break the deadlock but wasted a terrific chance with a shot that went inches past the post tin the first half. Kolo was at his imperious best at the back - a rock for The Elephants as they searched for a breakthrough.
The Ivorians should have gone ahead when they were awarded a second half penalty for a foul on Gervinho, but Chelsea's Didier Drogba blazed the ball over the bar as Zambia rode their luck - but was this perhaps their destiny?
Yaya's tournament came to an end in the 88th-minute when he was substituted after what has been an exhausting five weeks away with his country
...Africa Cup of Nations
Kolo remained as City's sole representative throughout extra time, but neither side could find a winner and the match went to penalties and its dramatic conclusion.
Everyone at the Club would like to congratualte the Toure brothers on their efforts and, as manager Roberto Mancini said, everyone is looking forward to their return on Wednesday and also to seeing them wearing the sky blue of Manchester City once again.