Cole, who spent last term on-loan at Lille, believes the dismissal of manager Dalglish earlier this month may open the door for a return to Anfield.
"Kenny was a good guy - he didn't lie to me. I wasn't in his plans," the player said.
"It [Dalglish's departure] just changes my future. Whereas it was quite clear before Kenny got the sack that I wouldn't be going back there, who knows what will happen now? I'm just waiting on some kind of information."