Eurosport - Mon, 19 Jul 14:28:00 2010
"Liverpool FC are delighted to confirm the signing of Joe Cole on a four-year deal," the Merseyside club said on their website. "The England midfielder has agreed personal terms with the Reds and will undergo a medical in the next 48 hours."
Cole, 28, is the club's second signing of the summer after Milan Jovanovic joined from Standard Liege, also on a free transfer.
His signing could be seen as something of a coup for new Reds boss Roy Hodgson, who faces a battle to keep the likes of Steven Gerrard, Fernando Torres and Javier Mascherano at Anfield after a disappointing seventh-placed finish under Rafael Benitez last season.
Cole won three Premier League titles and two FA Cups during a seven-year spell at Stamford Bridge.
He has represented his country 56 times, scoring 10 goals, although was largely overlooked by England boss Fabio Capello during their ill-fated 2010 World Cup campaign.
Cole was available after his Stamford Bridge contract expired and the Premier League champions refused to match his wage demands.
Earlier this month Liverpool sold attacking midfielder Yossi Benayoun to Chelsea, for whom Cole is a direct replacement.