Rumours have circulated that England international Cole may go back to the club where he started at the Academy due to a failure to settle at Anfield were he has been blighted by a series of injuries since his Chelsea move.
The 28-year-old played under Grant when the pair were at Chelsea in the 2007-8 season, when he enjoyed one of his best spells with the club.
Grant though was reluctant to discuss any deals until they had been concluded.
"There aren't many days until the end of the transfer window," said Grant.
"We have a lot of injuries and we need players to make the squad stronger.
"We have a few targets and I'm pretty sure that next week we'll see new player’s here.
"After Steve Sidwell I don't like to speak about things before they are done.
"He's a good lad and I like him, but he belongs to Liverpool.
"We need more players - you saw last week when we had to play players out of position. We lost our whole midfield."