Joe Cole is seeking a £3.6million pay-off to quit Liverpool next month.
The ex-West Ham and Chelsea midfielder joined the Merseyside giants on a free transfer in July 2010 when he signed a four-year contract worth a reported £100,000 a week, but the move has not worked out for either party.
Cole spent last season on loan at French club Lille and has made only 42 appearances for the Reds in his two-and-a-half years at the club.
And Liverpool are now ready to reach an agreement to pay up the remaining 18 months of his contract to get him off the Anfield wage bill.
Cole is looking for a settlement of around £50,000 a week, which works out at £3.6million – around half of the basic wages Liverpool would have to pay him if he remained at the club until the end of his deal.
If the club and player can reach a compromise Cole will leave as soon as the transfer window opens, with relegation-threatened QPR, who is managed by his old boss Harry Redknapp, and Reading both keen to sign him.
But neither club is willing to pay him more than £30,000 a week, meaning Cole wants that bumper pay-off from Liverpool to make up the financial shortfall.