The Kop's American owners Fenway Sports Group have admitted they found the wage bill incredible when they bought the club off George Gillett and Tom Hicks in October.
They are keen to trim it, plus give Dalglish money in the transfer window to spend on new players.
And the Anfield chief was full of praise for the way Cole has refused to get downhearted despite his woes.
He said: "Joe is like Maxi Rodriguez and others who are out of the team, in giving themselves the best chance.
"They are so committed and determined in training.
"Everybody has to work hard to get anything and Joe is no different from anybody else.
"But he has done that, he has waited for his chance, and that could be very important for him."