The 30-year old forward's short-term deal at Upton Park has expired leaving him free to speak to other clubs about a January transfer.
Reports suggest the Eagles and the R's are hoping to lure Cole across London but Hammers boss Sam Allardyce hinted that he could perhaps be offered a new deal to stay in the east of the capital.
"We've got that in mind and are talking about that as quickly as we possibly can because obviously it needs to be addressed. Carlton will be dealt with very shortly," he told the club's official website.
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