This story has been reproduced from today's media. It does not necessarily represent the position of Liverpool Football Club.
Ashley Cole wants a two-year deal at a Champions League club - with Real Madrid, Liverpool and Manchester City all interested.
Cole, 33, is determined to prove he can still cut it at the highest level of European football following his release by Chelsea.
Real Madrid would be his most attractive option both financially and professionally, but Cole's representatives are waiting for the dust to settle on last night's Champions League Final before making a move.
Liverpool boss Brendan Rodgers has been monitoring Cole's situation for months - as first revealed by Sunday Mirror Sport in January.
The Anfield chief knows Cole from their time together at Chelsea and although he does not fit the age profile of players Liverpool are looking to recruit this summer, he believes the former England left-back is an intriguing option.
Liverpool are prioritising the signing of a left-back and capturing Cole on a free would allow them to pay him something approaching the £130,000-a-week he was earning at Stamford Bridge.
City are also after a left-back. The Etihad club need to sign more English or 'home-trained' players to meet UEFA rules for their Champions League squad. And a free signing like Cole would also help them to meet Financial Fair Play regulations.
Cole would prefer a move abroad but must wait to find out the futures of Real left-backs Marcelo and Fabio Coentrao before he knows whether a move to the Bernabeu is on.
Monaco, who return to the Champions League next season after finishing second in the French league, is also a potential destination.
Cole, who was left out of Roy Hodgson's World Cup squad and retired from international football after 107 caps, was a firm favourite of Chelsea boss Jose Mourinho during his first spell at Stamford Bridge.
But he barely started for five months with Mourinho preferring the right-footed Cesar Azpilicueta at left-back.