Reds boss Brendan Rodgers wants to take advantage of the 33-year-old's invaluable experience gained in the Premier League and as England's first-choice for years, with the luxury of not having to spend a penny for his acquisition, while looking around for a developing talent that could serve the club for the long haul.
Cole, who battled a rib injury this season, saw his playing time diminished in favour of teammate Cesar Azpilicueta, and from the looks of it, there is minimal probability that the trend will change anytime soon.
League rivals Manchester United are also reported to be interested in making the most out of the left-back's remaining years in Europe.
The Chelsea man has also been linked to be making a move to the MLS, but is suggested to have deferred any offer until such time that he deems it fit.
If he can keep himself healthy at Anfield, should the transfer materialise, then he might have a successful stint with Liverpool.
Such is the case with Samuel Eto'o (Chelsea) and Martin Demichelis (Manchester City) who proved, thus far, that quality can defy age.