Cole has been on loan at the French outfit from Liverpool this season but has confessed his interest in staying there on a permanent basis.
The former England winger has returned to Anfield following the conclusion of the Ligue 1 campaign, but Garcia is hopeful that a deal can be reached to bring him back to France.
"From a sporting angle we would like to keep him, but he does not belong to us and he has not discussed matters with Liverpool," he said.
"It is a very fluid situation. The only certainty for the moment is that he is returning to Liverpool, the club to which he belongs."