Eagles_414646_45.JPG

Philadelphia Eagles linebacker Trent Cole heads to the locker room for half times against the New York Giants at Lincoln Financial Field on Sunday, October 12, 2014. The Eagles won the game 27-0. (Martin Griff | Times of Trenton)

(Martin Griff)

The Eagles are hopeful they will be bringing back outside linebacker Trent Cole next season.

At the same time the team has been busy releasing veteran players the past two weeks, they have also been working on a new contract with Cole, a person close to the situation who requested anonymity has informed NJ Advance Media.

Whether the two sides are able to reach a deal remains to be seen. The fact that both sides are interested in making it happen should be considered a positive sign, however, for those that want Cole back for another season.

Cole is set to make $11.6 million next season, which would be the second highest on the team. If the two sides are unable to reach a deal, it is unlikely Cole will be back, as releasing the outside linebacker would save the team $8.4 million.

The Eagles currently have roughly $27 million in cap space to spend in free agency, which begins March 10.

Cole was clear at the end of last season that he was willing to work with the Eagles to make sure he continues his career in Philadelphia, the team that drafted him with the No. 146 pick in the 2005 NFL Draft.

"I want to do whatever we can to make things work" Cole said at season's end. "Hopefully that results in me being here ... I want to be here. I've been here ten years, going on my 11th year and want my next stop to be here with the Eagles next year. Time will tell. Things will get done and everyone will be happy."

Cole getting a restructured deal from the Eagles would have been surprising two years ago when head coach Chip Kelly changed the team's defensive scheme from a 4-3 to a 3-4. The new defensive alignment forced Cole to switch positions from defensive end to outside linebacker.

Cole has continued to produce despite the position change, racking up 14.5 total sacks the past two seasons.

Eliot Shorr-Parks may be reached at eshorrpa@njadvancemedia.com. Follow him on Twitter @EliotShorrParks. Find NJ.com Sports on Facebook.