According to my reading, he signed a four year contract with Cologne on 1 July 2009. So he will still have a year and a half on it in January 2012. I think that means there's a decent chance Cologne will look to hold onto him until summer, when he could be spruiked around to a larger number of clubs.
In 32 appearances he scored 13 goals and had 7 assists in the 2010-2011 Bundesliga. That's actually a reasonable return and suggests his renowned tendency to be a better player for Germany than for his club of the moment is somewhat exaggerated.
As a signing Podolski would show we had intent to fix our forward problems, but I don't think we can say with certainty that he would deliver the goods. Like most football fans I've seen him play a fair bit for Germany, and I know he's quick, aggressive and has a big shot on him. It's good that he's heading into the prime of his career. Mixed feelings about this possibility.