Twenty-four-year-old Cole arrived at Prenton Park in October, initially on a deal until January.
Born in Manchester, Cole began his career with Manchester United.
He came up through academy at Old Trafford, playing a big part in the club’s run to the FA Youth Cup final.
He went on to sign professional terms with United and made his senior debut in the Carling Cup in September 2011 in a 3-0 victory over Leeds United and won six caps for England at under-19 and under-20 level.
Cole joined Fulham in 2014, for an undisclosed fee, and made his debut in a 2–2 draw against his former club at Old Trafford.
From the Craven Cottage-based outfit, the wide man went out on loan to MK Dons before teaming up with now Tranmere manager Micky Mellon at Shrewsbury Town during the 2015/16 season where he made a total of thirty-four appearances.
Last season, he spent time on loan in the Scottish Premiership with Inverness Caledonian Thistle and left Fulham at the end of last season.
Cole has featured ten times for Rovers this season, scoring on his debut against FC Halifax Town, while he also found the net against Macclesfield Town.
Manager Micky Mellon, who also worked with Cole at Shrewsbury Town, says he is delighted to be working with the winger for the rest of the season.
He said: “We want to keep hold of good players and Larnell certainly falls into that category.
“We love the qualities that he brings to the group with the way that he plays.
“He’s different to the other attacking options we have, so it’s great to have that type of player with us”.