Liverpool have swooped to secure the services of England international Joe Cole on a four-year deal, subject to a medical.
The talented midfielder became a free agent at the start of the month when his contract with Chelsea expired with the Blues electing not to extend his seven-year stay at Stamford Bridge.
New Reds boss Roy Hodgson claimed at the weekend that he had not held talks with the former West Ham player, but the deal has now been concluded.
Cole moved to Chelsea from Upton Park in a £6.6million switch in the summer of 2003 but was shown the door with the Blues not willing to meet his wage demands.
The 28-year-old has three Premier League winners' medals to show from his time in West London and also helped Chelsea to two FA Cup successes.
Cole was part of Fabio Capello's England squad for the dismal World Cup display in South Africa this summer but was restricted to a bit-part role as the Three Lions crashed out in the second round with a 4-1 humbling by Germany.
Hodgson will hope Cole's ability to unlock defences will help the Reds climb back into the UEFA Champions League reckoning following their disappointing seventh-place finish last term.
The creative Cole has rejected advances from rival Premier League teams - including those who could offer Champions League football this season - to compete in the Europa League with the Reds.
A statement on the club's official website read: "Liverpool FC are delighted to confirm the signing of Joe Cole on a four-year deal.
"The England midfielder has agreed personal terms with the Reds and will undergo a medical in the next 48 hours."
Has Joe Cole made the right choice in joining Liverpool?