Cole chooses the Kop

Liverpool continued their summer recruitment drive by snapping up Joe Cole on a four-year contract thought to be worth in the region of £90,000 per week to the former Chelsea star.

The England international was a man in demand since his contract expired at Stamford Bridge. Today he has ended the long transfer saga by committing himself to Roy Hodgson's Reds following Serbian striker Milan Jovanovic, who also arrives courtesy of the Bosman ruling.

A statement by the club said that they were "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."

After becoming a free agent this summer Cole had vowed to concentrate on his country's ill-fated World Cup campaign in South Africa. But after their early exit from the tournament the attacker was the subject of intense speculation, and it was believed Arsenal and Tottenham Hotspur led the chase for the London lad's signature.

Despite falling behind Solomon Kalou and Florent Malouda in Carlo Ancelotti's pecking order, the Italian this morning insisted the decision to allow Cole leave on a free transfer was down to "economic" reasons.

"It was a problem between the club and Joe Cole, not me. We spoke about this, but when the problem is with money, it is not my problem."

The Italian added that the release of three first team regulars this summer might help to reinvigorate his squad:

"It is difficult to keep a player all the time in one squad.

"I think Joe Cole, like Michael Ballack and Julian Belletti did a fantastic job. I want to thank them but now is the time to change."

Ancelotti's signing of Yossi Benayoun from Anfield early this summer means that Cole will effectively be trading places with the Israeli.

Liverpool's managing director, Christian Purslow along with Hodgson will be thrilled at the switch after receiving £5 Million for a 30-year-old Benayoun.

Cole was once a regular thorn in the side of the Kop, scoring numerous important goals on Merseyside as Chelsea marched to successive titles under Jose Mourinho.

Now the 28 year old will replace a player who was considered by many to be one of the Red's most creative influences in recent years. but was often marginalised by then coach Rafael Benitez.

Phil Thompson, who has captained and managed Liverpool FC, says that the addition of Cole signal's "a new era" for the club.

Speaking with Sky Sports News Thompson said, "I'm absolutely delighted."

"We need that player, the catalyst between midfield and attack. It all adds up for me.

"Joe Cole has that bit of character, he can do something out of nothing, he has that creative ability that (Fernando) Torres comes alive to, (Steven) Gerrard too."

Thompson also pointed out how Cole's signature will trigger increased enthusiasm and hope among long suffering supporters, and believes the club can reap the rewards by way of a financial windfall from ticket and shirt sales.

"It's the kind of news all fans wanted. We've got thousands of people waiting for season tickets but everyone is going to be renewing them now. Everyone will have Joe Cole's name on their shirt.

"It's the start of a new era, we'll be looking for more new players and it could be a glorious summer for the fans. They will be delighted."