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However, he has struggled to maintain his first-team place this season, and has featured just four times for Dario Gradi's side so far.
He joins the Gills as a versatile midfielder who is likely to provide useful cover for the absent Michael Flynn and Alan Pouton in the centre of midfield.
If the deal goes through as expected, Cochrane will go straight into the Gills squad for this weekend's match with Tranmere Rovers at Priestfield.