The 22-year-old hitman has managed 10 goals for Fleetwood Town in League One this season and, with the Gers needing a striker, the rumours certainly make sense.
Rangers have welcomed Joe Dodoo back from his half-season loan at Charlton in the same division, but should the Ibrox side include him in a player-plus-cash deal for the young marksman?
Dodoo's record of five goals in 25 games across all competitions last season mean that he isn't what Rangers boss Graeme Murty needs and it wouldn't be a huge shock if he were to leave Glasgow before the transfer window shuts.
Considering Kenny Miller and Eduardo Herrera have netted three Premiership goals between them in a combined 34 games, you could say that neither are a genuine threat to Alfredo Morelos - Rangers' top goalscorer this season with 12 in all competitions.
The Colombian hitman needs some healthy competition, a reason to continue upping his game and Miller and Herrera clearly aren't providing that incentive to improve.
But Cole might, and the English club might be a lot more willing to do business if they were getting a player as well as money in return - and especially one who knows the league.
Dodoo has had two different loan spells in League One, having also played for Bury in the 2015-16 campaign, and Fleetwood might consider letting Cole join Rangers if they were to get him.