West Ham caretaker manager Trevor Brooking has insisted the relegated club had not received a bid for Joe Cole from Chelsea.
"There has been no bid for Joe," Brooking said following an extraordinary general meeting (EGM), called after the club's Premiership exit.
Some reports claimed Chelsea had offered £5 million the midfielder and the speculation increased with the news that Jody Morris has been off-loaded by the Stamford Bridge club.
However, Brooking today that "the matter wasn't even discussed."
West Ham, who have already released a number of high-earners from their contracts, are set to lose £20 million as a result of playing in the First Division next season. Hammers chairman Terence Brown said he and his fellow directors would cut their salaries by 50 percent.
However that money would be reinstated in the event that West Ham gained promotion next season.