West Ham have reportedly agreed to pay Chelsea £2 million for the 22-year-old to become Alan Pardew's third signing of the summer following the captures of Lee Bowyer and Jonathan Spector.
Cole will provide Pardew will more attacking options as the Hammers look to build on last years impressive season.
Pardew may also finally complete the signing of Charlton right-back Luke Young this weekend with a fee of around £4 million reportedly being paid for the England international.