iverpool have confirmed the signing of free agent Joe Cole on a four-year contract, subject to the England international passing a medical.[LNB] The 28-year-old left Stamford Bridge at the end of last season after failing to agree a new contract with the club and has agreed personal terms at Anfield.[LNB]The England midfielder will undergo a medical in the next 48 hours.[LNB]Cole was linked with a number of Premier League sides, including Arsenal and Tottenham, but has opted to move to Merseyside.[LNB]He could have gone to a team offering Champions League football but has chosen to join new Reds boss Roy Hodgson at Anfield even though they can only offer the Europa League this season.[LNB]The capture of Cole was seen as being a key factor in proving to the likes of Steven Gerrard and Fernando Torres, who have both been linked with departures after a disappointing seventh-placed finish in Rafael Benitez's final season in charge, that Liverpool can still compete for quality signings.[LNB]Cole is the second summer arrival at Liverpool after Serbia forward Milan Jovanovic joined following the expiration of his contract with Standard Liege.[LNB]Cole will be seen as a direct replacement for Yossi Benayoun, who coincidentally moved to Chelsea for £5.5million earlier this month, and only time will tell who got the better of that exchange.[LNB]Hodgson is still on the look-out for a new left-back with Fabio Aurelio having left and Emiliano Insua on the verge of completing his move to Fiorentina.[LNB]After that the Liverpool boss will hope to secure commitments from Gerrard and Torres about their futures.[LNB]Former Liverpool midfielder Jamie Redknapp, whose father Harry was keen on signing Cole for Spurs, said reports the player was holding out for the most lucrative contract were unfair.[LNB]"From what I know, compared to other players in the Premier League now, he's not being greedy at all," Redknapp told Sky Sports News.[LNB]"He just wants a good deal and rightfully so - he's a free agent and he's worked that situation nicely - but I know he's not asking for anything astronomical, like what is being portrayed in the press.[LNB]"He's just looking for the right club and he needs to play football now.[LNB]"He missed a lot of time at Chelsea last season with his knee injury and didn't quite get back to the level he showed previously.[LNB]"He needs to go somewhere, be loved, and play football and get back to being the Joe Cole we all know."