A method of manufacturing a metal cord with two concentric layers of wires is provided. The cord includes an internal layer of M wires, M having a value from 1 to 4, and an external layer of N wires. The cord is rubberized from within in situ. That is, during manufacture of the cord, the cord is rubberized from inside. According to the method, the internal layer is sheathed with rubber or a rubber compound by passing the internal layer through an extrusion head, and the N wires of the external layer are assembled around the sheathed internal layer to form a two-layer cord rubberized from the inside. The rubber is an unsaturated thermoplastic elastomer that is extruded in a molten state, and preferably is a thermoplastic styrene (TPS) type of thermoplastic elastomer, such as an SBS or an SIS block copolymer, for example.