The Sun says Cole could be on his way back to the Premier League in a swap deal with Fulham's Andy Johnson.
West Ham last night bid around £2million for Johnson, 30, as boss Sam Allardyce steps up his search for a new striker.
And Fulham chief Martin Jol has revealed he is interested in England striker Cole, 27, who is valued at £4m.
Jol said: "Cole's someone who has interested me in the past. We haven't made a bid for him but it may be harsh to say we are not interested in him."