Arsenal are ready to smash their wage structure to land Chelsea Bosman prospect Joe Cole. The Daily Star Sunday says Cole will be offered a massive £135,000-a-week deal with Arsenal once he returns from World Cup duty with England.

Arsene Wenger has put together a whopping financial package that would make the former Chelsea star the highest-paid player at The Emirates.

Cole, 28, has only to sign on a free transfer and agree a four-year package worth £20million.

The deal works out at £4m a year plus an additional £2.5m a year in signing on fees.

That is what will boost his earnings to the whopping weekly wage that would take him past wantaway Gunners captain Cesc Fabregas - on £110,000 a week - as the biggest earner at the club.

The offer is sure to wreck Harry Redknapp's bid to try to land Cole, with Tottenham unable to match the big money Arsenal are prepared to pay.

A source revealed: "The offer is on the table and has been agreed in principle by both parties.

"The only way Joe won't go to Arsenal is if he suffers an injury during the World Cup or another club comes in with an improved offer late on.

"Arsene is mindful that Joe spent a long time out with a serious knee injury but if he comes through England's campaign in South Africa then he knows he is completely over that.

"What he likes about Joe is his versatility. It could be argued that his arrival might take the pain out of losing Fabregas to Barcelona. That and around £45m, which is what they'll have to spend to get him."