Chelsea have paved the way for Joe Cole's departure from Stamford Bridge by formalising their interest in the Liverpool midfielder Yossi Benayoun, with the Israeli confident a transfer can be completed over the next week.

An opening bid of £4m is understood to have been knocked back by the Merseyside club, though they have offered Chelsea encouragement that an improved offer of about £6m will secure the 30-year-old. Carlo Ancelotti is keen to sign the Israel international after talks with Cole's representative over a new deal reached an impasse, with the midfielder now expected to leave under freedom of contract next month.

Tottenham Hotspur, with a potential Champions League campaign ahead, remain favourites to secure Cole under the Bosman ruling, ending his seven-year stay in south-west London since a £6.6m move from West Ham United. The 28-year-old had hoped to gain an increase on his weekly wage to £100,000, but Chelsea are set upon restructuring financially and did not offer him improved terms.

Cole has not had a regular first‑team place at the Double winners under Ancelotti, and Benayoun will have to accept life as a squad player as well. His own fortunes at Liverpool dipped somewhat towards the end of last season to mirror those of the team, with his relationship with the manager, Rafael Benítez, steadily deteriorating to the point where Liverpool effectively sanctioned his departure in the closed season.

The move is surprising given that Benayoun, who had also attracted tentative interest from his former club West Ham United and Spurs, is two years older than Cole in a squad that is already considered to be ageing, though he does have pedigree in the Premier League.

The Israeli anticipates the completion of his move to Stamford Bridge over the next few days having indicated last week while on international duty that Chelsea were keen to sign him. "Ancelotti wants me for next season and now everything depends on Liverpool," he said. "Chelsea will have to pay some £6m, but I believe that, in the end, I'll be moving there."