Birmingham boss Harry Redknapp made his interest in the player clear earlier in the summer and it seems the former England international would be interested in the move.
The 36-year-old's contract with the MLS side expires in December and when quizzed about the possibility of a return to England he told reporters: " "Yeah, I'm just waiting to see, keep my options open.
"It's six months left here, so it's something I'm thinking about yeah."
LA Galaxy boss Curt Onalfo has insisted that he wants the player to stay with the club, but with Cole earning less than £300,000 a year in the US he could well be tempted by a return to blighty and one final payday.
Fellow Birmingham target Robbie Keane looks set to move to Indian Super League side Atletico de Kolkata.