The ex-England international has criticised his old club for thinking that they are the 'biggest team in England'.
Cole, 32, joined Liverpool after being released by Chelsea in 2010.
In an interview with CFCUK Fanzine, Cole spoke about his time at Anfield, and revealed that everyone at the club genuinely believed that they were the biggest side in the country.
Cole said: "When I joined, the guy interviewing me said “you’ve joined the biggest club in the country” and reeled off the trophies they’d won.
"I just said 'Yeah, if you put it like that, I suppose you’re right', and Liverpool used that as the headline to the interview.
"I didn’t want to upset anyone so I just went along with it. But obviously they are not the biggest club any more."
He added: ‘How do you judge how big a club are? Nottingham Forest won the European Cup twice but they’re not a bigger club than Chelsea."