Liverpool manager Roy Hodgson says that Joe Cole has agreed to move to Anfield for football rather than financial reasons.
The England international was available on a free transfer after ending his spell with Chelsea at the end of last season and had been linked with the likes of Arsenal, Manchester United and Tottenham.
Eyebrows were raised when Cole opted to join a team that will be playing in the Europa League rather than the Champions League in the 2010-11 campaign.
However, Hodgson said after confirming the capture of Cole: "I'm very pleased because any concern that it was going to turn into an auction all about money quickly disappeared after myself and Christian Purslow had a long conversation with Joe.
"Obviously he is going to be a high wage earner because he is a free transfer - he was at his previous club - and he would be worth a lot of money on the transfer market.
"We wanted to make it clear that we wanted him for football reasons and only if he fitted in with our wage structure.
"I'm pleased to say that Joe has chosen Liverpool to come and play football - and not because of the money. That's a very satisfying thing for me as a manager and for the club itself.
"He's one of the best attacking midfield players in England. His appearances for Chelsea and England over the years have shown that. He's a player that can play in a number of attacking positions, which is very useful.
"He's a quality player. People will talk about qualities in different ways, but for me he has an all-round quality that makes him a good player and one we hope we can get a lot of use out of this year."