ESPNsoccernet can reveal Carlton Cole's salary will be cut by 50% following West Ham's relegation from the Premier League but the striker could move to Newcastle United.
Cole has a clause written into his contract which ensures his wage will be cut in half after the club failed to retain their place in the top flight when losing 3-2 to Wigan Athletic at the weekend.
A club source told ESPNsoccernet: "Now his wages halve in the Championship, so he might move anywhere."
Such a significant drop in earnings could well persuade the England international to leave the Hammers and join a Premier League club, and in the past he has expressed a desire to stay in the south.
However, it is understood Newcastle manager Alan Pardew, who signed Cole for West Ham in 2006, views the player as a possible replacement for Andy Carroll following his £35 million move to Liverpool in January.
Cole was valued at £15 million by West Ham 12 months ago but the club are now likely to accept around half of that. However, they are in no rush to offload the player given his contractual situation.
It is understood that no decision will be taken on the future of Cole, or other members of the relegated squad, before a new manager is appointed to replace Avram Grant.