Joe Cole
Cole joined Liverpool on a free transfer from Chelsea last summer. Reuters

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Liverpool have completed the transfer of defender Paul Konchesky to Leicester City as Kenny Dalglish looks to rebuild his squad by offloading fringe players.

Konchesky came to epitomise Roy Hodgson's ill-fated Liverpool career and few will be disappointed to see the Englishman leave. The 30-year-old was signed from Fulham for £4m last August but played just 18 matches before being loaned out to Nottingham Forest after Dalglish took over in January.

A club statement read, "Liverpool have today finalised a deal to sell Paul Konchesky to Leicester City. The 30-year-old will now join the Championship outfit for pre-season.

Leicester manager, Sven-Goran Eriksson, said he was looking forward to working with Konchesky.

"Paul has been a Premier League player year in, year out throughout his career so he represents a very big signing for us. He wanted to come to Leicester and it means a lot that proven, established top-flight footballers want to be a part of what we are building here.

"I know Paul very well as a player and a person and he will be a top-class addition to our squad."

Konchesky's exit is likely to be the first of several this month, with the club eager to trim the wage bill for some of its more expensive misfits.

Joe Cole, who arrived on a free transfer from Chelsea last summer, is expected to be the next to leave. The England international struggled to hold down a place in the first-team and has been linked with a move to Hamburg. Christian Poulsen and Milan Jovanovic, two other Hodgson-era signings, will also be ushered towards the Anfield exit.

Likewise, the French forward David Ngog is also deemed surplus to requirements and could join Aston Villa if Stewart Downing completes his £20m transfer to Merseyside.

Meanwhile, midfielder Alberto Aquilani could be sold to Fiorentina this week, the Daily Mail reports. Aquilani is set to join Fiorentina on loan with a view to a permanent £15m deal after his potential transfer to Juventus collapsed.