The former Chelsea midfielder Joe Cole is thought to be demanding around £ 3.6 million in a pay-off if the Merseyside club Liverpool wants to sell him in the January transfer window.

The midfielder moved to Liverpool back in 2010 on a free transfer from Chelsea. He was expected to be one of the major signings for the club, who would transform the fortunes after the arrival of players like Luis Suarez and Andy Carroll. However, things have not worked in the same way as people hoped and Joe Cole has been one of the major disappointments for the club.

As a result, it is thought that the club are willing to cut their losses on the player, who is reportedly on a contract worth £ 100,000 per week. It makes him one of the highest-paid players at the club, but he has featured in less than 50 appearances in more than two seasons at the club. After the London club QPR were taken over by the former Tottenham manager Harry Redknapp, there have been rumours that the midfielder will be joining QPR in January. However, it would mean that Cole would have to take a pay cut, but the midfielder is thought to be unwilling to do so without getting a payoff.

It is thought that QPR are not willing to pay the midfielder more than £ 30,000 per week after spending ridiculous amounts of wages on several low quality players during the regime of Mark Hughes. Cole is also not willing to take the significant wage cut in order to join QPR especially have to having established himself in the first-team for the first time under Brendan Rodgers in recent weeks. As a result, Liverpool have to stump up close to £ 50,000 per week in order to allow QPR to take Cole off their hands.