Liverpool are being linked with a shock swap deal to bring Adel Taarabt to the club.
The Moroccan international has taken the Championship by storm at QPR, helping Neil Warnock's side to the title and securing promotion to the Barclays Premier League as captain.
His performances have led to speculation over a number of top teams across Europe taking interest in the player, and now The Metro claims Liverpool are preparing an offer that would see Joe Cole move to west London as part of Kenny Dalglish's first deal since confirming his long-term status as Reds boss.
The English international has failed to settle on Merseyside after joining on a free transfer in the summer, and Dalglish is thought to be willing to let the player leave at the first opportunity.
Hoops boss Warnock has been linked with the former Chelsea playmaker in recent weeks, and could now be offered the 29-year-old as part exchange for Taarabt.
Whilst wages could be an issue, the paper report claims Liverpool would be willing to offer Cole a payoff to leave his 90,000 a week deal at Anfield and return to the capital.
Former Spurs starlet Taarabt has previously confessed a desire to play for one of the top clubs in England, but was coy over a potential move when questioned on the subject in recent weeks.
With money at his disposal, Dalglish and director of football Damien Comolli are thought to have compiled a list of targets in a number of positions at Liverpool this summer with an attacking midfielder thought to be on the agenda.
Taarabt could be the answer for the Merseysiders, although negotiations will be needed with a number of parties to secure an amicable deal for both Liverpool and Rangers.
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