Joe Cole has been unveiled as Roy Hodgson’s second signing as Liverpool manager. Cole, who follows hot on the heels of fellow free transfer signing Milan Jovanovic, is moving as part of a swap deal involving Yossi Benayoun.

Cole must still undergo a medical and although doubts remain about his overall fitness, Liverpool fans should be pleased with the outcome of this swap deal, coming off £5 million better and exchanging the inconsistent Benayoun for a player of the calibre that Gerrard and Torres have long been demanding. Cole is the sort of creative, unpredictable player that Liverpool have been crying out for for a long time. If he can adapt to life away from London and can stay fit, then he clearly has a lot to offer at Anfield.

The Kop will remember Joe Cole popping up on more than one occasion to score Chelsea’s winning goal on Merseyside and will be happy now to be able to cheer for him rather than against. If Liverpool are to get back to the position they were in this time last year – being talked of as potential champions – they will need these types of players who can thrive at the likes of Old Trafford and Stamford Bridge.

Meanwhile, Roy Hodgson appears to have made a good start to his managerial career at Anfield. His most important task was to keep his two star players at Anfield. Although not yet confirmed, it looks increasingly likely that Fernando Torres and Steven Gerrard will be on Hodgson’s team sheet come the 15th August. Secondly, he had to attract top talent with the transfer funds available. Cole’s transfer will reassure the likes of Torres and Gerrard, who demanded additional players of their level if they were to continue to be part of the Liverpool project. In turn, the fact that Torres and Gerrard seem more likely to stay and that Cole has chosen Merseyside above Champions League football in north London shows that they are all sufficiently impressed by both the news of Hodgson’s appointment and his initial moves as manager.

But Hodgson will still need to find additional top players to replace the likes of Javier Mascherono, who must have already packed his bags for Milan, and the inconsistent Fabio Aurelio and Emiliano Insua, who are also on their way out. If he can do so then Liverpool should look forward to reestablishing their top four position.

Indeed, apart from winning the Premier League, there is one vital way that Hodgson can better his predecessors Rafael Benitez and Gerard Houllier. Apart from being able to unearth top talent (every manager’s aim…), he must more importantly make the signings of established players, such as the likes of Cole, work. Benitez and Houllier failed on this account on more than one occasion losing millions in the process when the player was eventually sold on. Hodgson will be on the right track from the start if he can continue to attract top players and then go on to successfully integrate them into the Anfield starting eleven.

What’s your view? Is Cole a good signing for Liverpool? How will Hodgson fare in his first season in charge?