Cole returned to first team action against Steaua Bucharest on Thursday night. And Rush believes now is the time for Cole to deliver.
"With the talent he's got Joe does not want to be known as a nearly man," said Rush. "I'm sure that playing regularly with Liverpool will give him the chance to prove that he's a really top, top class player.
"When Joe signed in the summer, for many Liverpool fans it was light at the end of the tunnel. It proved after some hard times that the top players still wanted to come to Liverpool - that the club was back in business.
"He can change games and I was baffled when England didn't really give him a chance in the summer's World Cup finals. A fully fit Joe Cole can change games.
"There is definitely a lot more to come from him. He can see things and has the same footballing brain as Torres and Steven Gerrard. He is on the same wavelength."