A deal for the former Hammers captain is expected to be confirmed on Thursday after the 31-year-old negotiated a contract severance with his current club Liverpool
The deal is expected to be confirmed by the London club on Thursday after the former Upton Park favorite travelled to the capital to undertake a medical.
The 31-year-old, who came through the ranks at West Ham and graduated to club captain before joining Chelsea in 2003, was given permission by Liverpool to hold talks with the Hammers after failing to establish himself in Brendan Rodgers' squad.
Barring any late hiccups, Cole will sign for Sam Allardyce's team and begin a second spell with the club where he made his name.
QPR also made a move but Cole has his heart set on a reunion with West Ham.
Cole is set to become the second player to move from Liverpool to West Ham this season, following in the footsteps of former colleague Andy Carroll.
Unlike Carroll, who joined on a season-long loan, Cole's switch will be a permanent transfer.
He is believed to have negotiated a settlement with Liverpool on his 100,000 pound-a-week deal, which still has 18 months to run, which allows West Ham to pay the attacking midfielder a salary more in keeping with its wage structure.
Cole must be registered with the Premier League by midday on Friday if he is to be available for the Hammers' FA Cup tie against Manchester United on Saturday.