The 29-year-old is expected to join Fulham after spending the last few months there on loan but West Ham are willing to make an offer.
Up for it: Fulham and West Ham are interested in Nicky Shorey
Palermo, meanwhile, are stepping up their interest in West Ham's £8.5m midfielder Valon Behrami.
Palermo sporting director Walter Sabatini said: 'I will do everything I can to bring Behrami to Palermo.'
Palermo could raise cash from Simon Kjaer's sale with Arsenal and Tottenham keen.
Palermo in bid to sign £8.5m rated West Ham midfielder Behrami LEO'S LONDON: Cole is back to his arrogant best - and that's great news