Cole has been linked with QPR and Tottenham.
"I think it's been fair to the boys for them to go and get football somewhere," said Dalglish.
"They were not going to get it here. There was no way we were going to stand in their way or prevent them from playing football.
"He (Cole) is here and he will be treated exactly the same as everyone else.
"Joe's attitude to training and his commitment has been fantastic. He has been unbelievable, he has worked really hard and he just needs a little bit of luck.
"He will be treated the same as everybody else as regards playing matches. If he gets a bit of luck, he will be alright.
"If Joe is here he will be very much part of it. He will not be discarded in any way shape or form. I have more respect for Joe Cole than that. He has been fantastic about the place.
"It is not just Joe Cole, it's everybody who is not playing that I find it hard. The strength of the club means there are going to be quality people who are not playing as well as those who are."