Within the framework of light-cone quantization we derive the overlap representation of generalized parton distributions for transversely polarized quarks using the Fock-state decomposition in the transverse-spin basis. We apply this formalism to the case of light-cone wave functions in a constituent quark model giving numerical results for the four chiral-odd generalized parton distributions in a region where they describe the emission and reabsorption of a quark by the nucleon. With the transversity distribution obtained in the forward limit of the generalized distribution, we provide some predictions for the double transverse-spin asymmetry in Drell-Yan dilepton production in the kinematics of the PAX experiment.