Fox Sports Ohio's Sam Amico confirmed the report.
In October, Cole signed a contract with the Shandong Golden Stars in the Chinese Basketball Association. Amico reported the 28-year-old retained the ability to break the contract if he had the opportunity to join an NBA team.
According to RealGM, Cole averaged 19.1 points on 41.2 percent shooting in nine games overseas. He also connected on 28.6 percent of his three-point attempts and dished out 4.3 assists a night.
Cole's last stint in the NBA came with the New Orleans Pelicans. He arrived in the Big Easy in February 2015 as part of the Goran Dragic trade and played 73 games for the team over a season-and-a-half.
In 2015-16, Cole averaged a career-high 10.6 points and 3.7 assists a game.
The numbers failed to cover up what was still an underwhelming year in terms of Cole's performance. He was limited to only 45 games, battling a left ankle sprain last October and a back problem in March. According to NBA.com, the Pelicans were two points worse off per 100 possessions with Cole on the floor as well.
Signing Cole is a sign of how desperate the Thunder are to add point guard depth.
While he's a career 32.6 percent shooter from three-point range, he received a healthy bump from playing with LeBron James on the Miami Heat. In his last two seasons—without the luxury of LeBron—Cole made 31.7 percent of his shots from beyond the arc.
Cole has also struggled with turnovers, averaging 2.3 compared to 4.4 assists per 36 minutes, according to Basketball-Reference.com.
Still, Cole is a sensible addition considering how few options were available to the Thunder.
Barring a catastrophe, Oklahoma City won't need Cole to play a vital role on the court, either, thus limiting the damage to the team should his arrival fail to achieve its aims.