With fellow league and London rivals QPR hot on his tail, Cole will have a difficult choice deciding whether to re-join the Hammers or be reunited with his first Premier League manager Harry Redknapp.
Since leaving Chelsea the player has had a tough time finding his feet, with an unsuccessful move to Liverpool and a fleeting Ligue 1 career on-loan to Lille last season.
Returning to Anfield after his French endeavour, Cole tried ardently to force his way into Brendan Rodgers plans, an attempt that has thus far been in vain.
Cole currently has 18-months left to run on his contract and it is believed that the player and Liverpool are in the midst of agreeing a severance package for his £90,000 weekly contract.
Redknapp however will provide the Irons with a little competition for Cole’s signature.
“I’ve got a lot of time for Joe as a player and as a person,’ he said.
“I’d like to bring Joe here if I can but the deal would have to be right for the club.
“I’ll have to speak to Brendan Rodgers. We’ll have a chat when the time’s right,” he stated.