Alexandre Pato will return to Brazil after AC Milan confirmed they had reached an agreement with Corinthians over the forward's transfer.
The 23-year-old has reportedly signed a four-year deal with the recently-crowned Club World Cup champions after revealing his desire to return to his homeland last month.
Milan confirmed Pato's departure, after five years at San Siro, in a brief statement on their website.
"AC Milan can announce that Alexandre Pato has been sold outright to Sporting Club Corinthians Paulista," the statement read.
Pato told Milan's official website: "I wish to say goodbye, but especially thank you to everyone from the president to the big number of people with whom I worked in these unforgettable years in Milan.
"I go to Brazil, at Corinthians, to have the possibility to play with regularly. It won't be easy, anyway, forgetting Milan.
"I am and I always will be bound to this jersey, to its colours and to the whole supporters. Especially in this moment, my thoughts and thanks go to them"
Cole underwent a medical at the club's training ground on Thursday after it emerged that Liverpool are prepared to cancel the 31-year-old's contract.
The Hammers, who brought Cole through their youth academy in the 1990s, hope the midfielder will sign his new contract with the east London club before midday so he can play in Saturday's FA Cup third round clash against Manchester United.
Should the deal go through, it will end a nightmare two-and-a-half-year spell on Merseyside for the former Chelsea player.
Cole has started just nine Premier League games since he swapped Chelsea for Liverpool in the summer of 2010, and spent last season on loan at French club Lille.
Reds boss Brendan Rodgers deemed the Londoner surplus to requirements when he took over last summer and Cole is keen to go back to Upton Park, where he spent four years in the youth system before going on to become a first team star for five seasons.
It is understood that Liverpool would pay Cole a negotiated settlement in order to get his estimated ?100,000-a-week salary off the wage bill.
West Ham midfielder Sebastian Lletget welcomed the club's move for Cole.
He tweeted: "Training with my man Joe Cole today, top player, looking forward to it."
West Ham have had a busy day in the transfer market as manager Sam Allardyce looks to strengthen his squad to ensure the Hammers do not slip towards the relegation zone following a solid first half of the season.
The Hammers, who are eight points clear of the drop zone in 11th position, signed Republic of Ireland Under-19 striker Sean Maguire from Waterford United on a two-and-a-half-year contract.
The 18-year-old, who was joint top scorer in the League of Ireland First Division in 2012, told West Ham TV: "In summer 2011 the Waterford manager brought me in for a couple of training sessions and gave me a chance in the first team and I took it.
"Here I am now at West Ham and it's a dream come true really.
"People tend to say my best trait is my movement so hopefully I can show that here. I haven't been told yet which squad I will be in, but I presume I'll be going into the reserves so I'll try to work my way up like I did at Waterford."
The Hammers also announced today that midfielder Yossi Benayoun has returned to his parent club Chelsea after making just six appearances for the club during a loan spell that was blighted by injury.
"West Ham United can confirm that the loan of @YossiBenayoun15 has ended and he has returned to @chelseafc," a statement on West Ham's Twitter feed read.
"The club would like to thank Yossi for his efforts during his second spell with the Hammers and wish him the best of luck for his future career."
West Ham co-owner David Gold revealed last week that Allardyce was keen to sign several players in the transfer window having seen his squad hit by a spate of injuries just before Christmas.
Reports this evening also claimed the Hammers had made a bid for Arsenal back-up striker Marouane Chamakh.
The 26-year-old Colombian has also been closely linked with Manchester City and Chelsea, but the latest rumours emerging that he could be off to their arch rivals sparked an angry response from his current employers.
Atletico Madrid president Enrique Cerezo said: "It's totally false that Falcao is linked to Madrid.
"Falcao has a contract with Atletico Madrid and there's nothing more to say. It seems there is an attempt to de-stabilize Atletico."
It had been alleged that Cerezo has said a deal between his star striker and Real had been signed "for some time".
Cerezo added: "One thing is joking and another is talking about things that aren't true. I don't like the fact that you put words in my mouth that I haven't said.
"There's no need to talk about rumours or non-rumours, and the source of the rumour has to be identified so it can be put to bed."
Defender Terrell Forbes, striker Scott Boden and winger Jack Waddle have been placed on the transfer list and join Neal Trotman and Craig Westcarr in being told their future lies away from the Proact Stadium.
Cook said: "I see the future of the three lads away from our club so they have gone on the list with a view to a loan or permanent deal.
"To keep the balance within the squad, there must be outgoings to allow players to come in."
The 21-year-old signed from non-league Great Yarmouth in the summer of 2011 having impressed the Daggers while on trial.
Last season saw Reed suffer with both injury and illness but he has proved his worth this term, starting eight of the club's last nine games to take his total number of appearances to 22.
Manager John Still said: "This is Jake's second year with us and he's started eight league games now and he's worked really hard.
"We are all really pleased with the progress he has made and of course I am delighted he has extended his time here. Hopefully between now and the start of next season we will see him push on even further."
Striker Lopez has been a hit with the Shots since arriving in November, scoring four goals in nine appearances, and he will now remain at the club until January 26.
Midfielder Rose, meanwhile, has enjoyed 15 outings since his move from Fleetwood in October and he will now remain at the EBB Stadium until late April.
However, Aldershot have also confirmed defender Branston has departed the club by mutual consent.
The 33-year-old signed for Aldershot in the summer but has made just five appearances and recently spent a month on loan at Bristol Rovers in order to get some first-team football under his belt.
The triple move comes as somewhat of a surprise, especially regarding striker Strevens, who has made 15 appearances over the first half of this season.
Young defender Essam was also thought to have a strong future at Priestfield while goalkeeper Flitney has recently returned following a lengthy spell on the sidelines due to injury.
Manager Martin Allen told the club's official website: "Ben Strevens is a very important member of our squad. He has a great attitude but finding him a place in the team and on the bench has proven to be difficult.
"He will still be involved with us but I've promised that if clubs come in for him, to give him an opportunity to play and maybe earn himself a new contract, then we will not stand in his way. Ben is in our squad for Saturday's game at Bristol Rovers."
Allen added: "Connor Essam will be made available on a free transfer to give him a good opportunity to find a club as he is a good young player. The club will retain an interest by including a percentage sell-on as I still feel Connor will have a good career."
Meanwhile, midfielder Bradley Dack has joined Blue Square Bet Premier side Braintree on a one-month loan deal.
Young quartet Jack Evans, Alex Brown, Tom Brunt and George Humber have also been released by Gillingham.