Cole had been linked with a move to Real Madrid or Paris St Germain, but this weekend a breakthrough appears to have been reached with Chelsea.
“I’m really pleased. The paperwork has to be done but the agreement is there,” Benitez told the club’s website.
“We are happy and he is happy.”
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Liverpool have unveiled their new home kit for next season, sticking with the hugely popular retro styling of the current shirt.
The reputation of the Premier League means it is the most popular and one of the most watched leagues in the world.