The former England international, who earns a reported £90,000 a week, is expected to leave Anfield in January as he does not feature in Brendan Rodgers' long-term plans.
According to Sky sources, QPR manager Harry Redknapp hopes to take advantage and lure Cole to Loftus Road to help in their fight against Premier League relegation.
The playmaker was not a member of Liverpool's squad in Sunday's comfortable win at QPR, which ensured the London club stayed bottom of the table.
And Cole's absence has only increased speculation he will be on the move when the transfer window opens next week.
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