Before the Johnson sale, clubs tried to take advantage of relegated West Ham's vulnerable financial position. At the time the best offer for Sinclair, for instance, was £1m.
If Cole is sold the likelihood is that West Ham will hang on to their other big-name stars such as David James, Michael Carrick and Jermain Defoe.
West Ham director Trevor Brooking said: "We are in a much stronger financial position now and to suggest that the club is heading towards inevitable administration is absurd.
"I think one more significant sale would mean that between now and the close of the transfer window at the end of the month you will see more incomings than outgoings."
Manager Glenn Roeder is desperate to reinforce his squad and has already signed David Connolly from Wimbledon and Matthew Etherington from Spurs as part of the Kanoute deal.
The next player into Upton Park could be the 20-year-old Liverpool reserve-team striker Neil Mellor, who was sent off along with Steve Gerrard against Galatasaray on Sunday.
The son of a former professional, Mellor could join West Ham on loan until the end of the season.
"He's an outstanding prospect and a lot of clubs tried to take him on loan last season," said Roeder.
One who has no place in Roeder's plans is the French full-back Sebastien Schemmel, fined two weeks' wages for publicly criticising the manager and coaching staff. He has been told to train with the youngsters after a dressing room bust-up before Friday's friendly against PSV Eindhoven.
Schemmel was escorted from the room and then walked among the fans outside Upton Park showing them his letter of censure from the club.
Meanwhile, following his arrival at West Ham from Spurs, Etherington said today: "Going down was a disaster but I believe we can get back in the Premiership at the first attempt.
West Ham are a bigger club, staturewise, than Tottenham.
"Obviously relegation has put us in different divisions but West Ham are massive and everyone knows that - one of the biggest clubs in London.
"If you look at the players we have got we are more than good enough to get out of the division. It is a squad of Premiership players and with any amount of luck we should do well.
"I probably had a very good chance of starting in the first game at Tottenham this year but I had to look at the bigger picture, really. I spoke to the manager and I could not really see myself cementing a place down there and that had been the case for the last two years.
"I have got a chance of playing firstteam football on a regular basis at West Ham and that was the lure.
"I spoke to Glenn Roeder over the weekend and was very impressed with what he had to say. He is a really good coach who I hope can help my game and John Gorman at Spurs speaks very highly of him."
