Skysports.com understands West Ham are poised to sign experienced striker Eidur Gudjohnsen.
The Iceland international, who spent the second half of last season on loan with Fulham, is a free agent after his one-year deal with Stoke expired.
The former Bolton, Chelsea and Barcelona player struggled to make any impact at the Britannia Stadium and failed to find the net during 10 appearances with the Cottagers.
Hammers boss Sam Allardyce is keen to link up with Gudjohnsen again having worked with the forward during their time together at the Reebok Stadium.
The 32-year-old is due to undergo a medical at Upton Park on Thursday and could then put pen to paper on a one-year deal.
Allardyce is eager to bolster his striking options ahead of the new Championship season, particularly with Carlton Cole expected to depart for pastures new.
Gudjohnsen came close to joining the East London club in January last year, but instead elected to spend a spell on loan with Tottenham from Monaco.
Tony Fernandes has told West Ham co-owners David Sullivan and David Gold the ball is in their court regarding his bid to buy the club.
At the start of the month the Malaysian entrepreneur announced he had made an offer to purchase the Hammers - on the day Sam Allardyce was confirmed as the club's new manager.
That sparked a war of words between Fernandes and Gold/Sullivan, who initially claimed he had not made an offer then later suggested it was "a joke".
Sullivan then further attacked Fernandes, who had used his Twitter account to announce his bid, by suggesting the takeover move was simply "PR".
Hammers chairman Sullivan later added: "Tony Fernandes wanted to buy 51% of the club for two bob.
"He thinks somehow that we are desperate to have him involved or desperate for the small amount of money he offered for 51% of the club."
However Fernandes, the owner of airline AirAsia and Formula One's Team Lotus, believes Sullivan and Gold were impetuous with their response as they failed to assess his bid in full.
"We put an offer in, it was a good offer, they didn't like it, and the ball is in their court," said Fernandes.
"But for the benefit of West Ham - and I don't want to keep talking about this - let the new manager go in and do his bit and have some stability there.
"But if Sullivan and Gold ever want to talk to us we are there.
"We think it was something worth looking at, and if they look at it in its entirety, and begin to see what we are doing at Lotus in the next weeks when we are announcing new sponsors and things, then I think we could have brought a lot of expertise to West Ham.
"But they didn't look at the offer in its complete entirety and think about it, about the value we could bring to the club."
Asked if he would be prepared to simply invest, Fernandes added: "I am open to anything.
"But if you are going to take part you have to have the ability to make a difference. It's now up to them to come back to me.
"It's a case of 'I'm willing to help, it's now up to you'."
Fernandes has also defended why he made the announcement of his offer on Twitter, adding: "They thought it was wrong.
"But we were transparent. There was nothing in the end to say don't put it on Twitter.
"I was constantly being asked by fans about whether I was putting in an offer."
West Ham chairman David Sullivan has dismissed Tony Fernandes' bid to buy the club as derisory.
Fernandes, the Malaysian businessman behind AirAsia and the Lotus Formula One team, announced yesterday he had submitted an offer for the club he supports.
But Sullivan told the Evening Standard: "Tony Fernandes wanted to buy 51% of the club for two bob.
"He thinks somehow that we are desperate to have him involved or desperate for the small amount of money he offered for 51% of the club."
Fernandes first expressed an interest in taking over West Ham in 2009 but he lost out on that occasion to Sullivan and his business partner David Gold.
Sullivan and Gold do want to attract new investors into a club that is saddled with debts that could rise to over £100million following relegation from the Barclays Premier League.
"We are not looking to sell the club but, as we have always said, we would love co-investors to join us in rebuilding West Ham United, which has been our aim ever since we took charge back in January 2010," said Sullivan.
"In the event that a serious investor came forward as was the case at Chelsea and Manchester City, we would naturally consider it for the good of the club - but this is certainly not the case in this instance."
West Ham yesterday appointed Sam Allardyce as the club's 14th manager and Gold confirmed he is under no pressure to sell star players like Scott Parker.
Matthew Upson is out of contract and is expected to leave while Parker, West Ham's player of the year, is sure to interest a number of Premier League clubs.
Striker Carlton Cole and goalkeeper Robert Green could also be summer targets for top-flight clubs.
Gold said: "Will he be able to keep our best players? He has got the remit to do so and we hope in some cases he will."
Avram Grant is no longer manager of West Ham United. A club statement after their 3-2 defeat away at Wigan which consigned them to the Championship, said: "The club can confirm that Avram Grant is no longer the manager of West Ham United.
"First-team coach Kevin Keen will take charge of the team for the final home match of the season against Sunderland on Sunday 22 May."
