Last night LA Galaxy announced they choose not to extend Ashley Cole's contract, along with seven other players.
The former Chelsea man joined the Galaxy in 2016 and became their captain earlier this year after signing a one-extension.
The ex-England international scored three goals for the Los Angeles based club.
It is understood the MLS side choose not to exercise the automatic extension as it included a pay-rise and not due to his performances.
However, it has now been revealed LA Galaxy are going to offer the Champions League winner a new two-year contract worth half as much.
Cole was originally earning around £10,900 a week, while the offer Galaxy are prepared to make is just £5k a week.
The 37-year-old had reportedly enjoyed his time in LA which might tempt him into signing the contract.
Sky Bet are currently offering 4/1 that Cole signs for any MLS side, while a move to China, with the likes of Yannick Carrasco, Hulk and Paulinho, is 5/1.
A reunion with Blues team mate John Terry at Aston Villa is 8/1, a link up Frank Lampard at Derby is 12/1 and a move to Rangers with former England team mate Steven Gerrard is 14/1.
Meanwhile, former Manchester United striker Zlatan Ibrahimovic was included in the 16-man list set to return for next season.
Galaxy finished just one place outside the Western Conference play-off positions last season and Ibrahimovic has said he wants to return to win the trophy.
"For me to return, I want to be able to challenge for the trophy," the former Swedish international said.
"I'm not here for a vacation. I'm here for the challenge. I want to feel I have a chance to be the best in MLS - my team, not me, because I am the best."