Liverpool midfielder Joe Cole was on Thursday having a medical examination at West Ham United with a view to rejoining the club where he began his career, according to Britain's Press Association.
Cole has failed to impose himself since arriving at Anfield from Chelsea in 2010, starting just nine Premier League games and spending last season on loan at French side Lille.
Liverpool manager Brendan Rodgers does not seem pressed to find a place for Cole in his first team, prompting the 31-year-old to seek a return to West Ham, with whom he made his professional debut in 1999.
West Ham hope to complete the transfer in time for Cole to feature in Saturday's FA Cup third-round clash at home to Manchester United.
Liverpool's willingness to cancel the England international's contract means West Ham will not have to pay a transfer fee.
Harry Redknapp, the Queens Park Rangers manager, who handed Cole his debut at West Ham, revealed on Wednesday that he had missed out on a move for the player.
"I lost Joe, who would have been my first signing," said Redknapp, shortly after QPR's shock 1-0 win at Chelsea.
"He probably looked here and thought: 'Harry, I love you, but you're not going to stay up.'
"I like Joe and he would have been good for me. He's West Ham and they love him there. I thought he was coming for sure but West Ham came in today (Wednesday)."