I doubt it, personally. Think he is the exact type of player FSG want to get rid of - relatively old, over paid and under performing.
I do feel a little sorry for Cole though. He came and had a brilliant debut in pre season. When the season started he got sent off, then he had some injuries and most importantly he was played under Hodgson. Often he was wide right or left and we were so deep and cautious as a team he was picking the ball up on the half way line or in our own half. To get the best out of Cole he has to be getting the ball in the final third, where he can be a threat and a match winner. He never really got a chance under Dalglish given Maxi, Meireles, Kuyt and Suarez were playing so well as an attacking four.
He seems a good lad, he was unlucky here, but I don't see him as the future, would rather see Suso get a chance over Cole.