The FA confirmed Liverpool had not contested Cole's controversial dismissal against Arsenal by 1pm, meaning the 28-year-old will serve a three-match ban.
Cole was shown a straight red card for a reckless challenge on Laurent Koscielny in first-half injury-time of the 1-1 Barclays Premier League draw at Anfield.
New Liverpool boss Roy Hodgson felt the verdict was harsh and the club were considering whether to appeal.
He said after Sunday's game: 'We now have the benefit of replays on the TV and those replays suggest to me he was a little bit unlucky.'
But the club have decided not to appeal and will therefore be without Cole for their Premier League matches against Manchester City, West Brom and Birmingham.
The England midfielder will be available for Thursday's Europa League play-off round first leg with Trabzonspor and the second leg the following week. He will be out of league action until the September 19 trip to Manchester United.
A Liverpool statement said: 'Roy Hodgson said after the game that the club would analyse the incident before deciding whether to lodge an appeal. Liverpool have now chosen not to take the matter further.'
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