The Hammers are a target for Ali Al-Faraj, the Saudi property investor who failed in his attempts to buy Portsmouth last month.
Pompey were instead taken over by Sulaiman Al-Fahim, leaving Al-Faraj to consider other options.
Claims that West Ham, currently in the hands of Icelandic banks after former owner Bjorgolfur Gudmundsson lost his wealth in the collapse of Iceland's economy, are his major target for owning a Premier League Club.
'The extent of Al-Faraj's wealth is not known but he has a holding in Sabic, who are a Saudi Petrol Chemical firm, while he is reported to have a substantial family trust.
If successful of taking over the Hammers he would have to deal with a substantial debt pile reported to be in the region of £40m and give substantial funds to Manager Zola to strengthen the team.
Last month Hammers were forced to rely on a payment from Shirt sponsors Sbobet to secure the signing of striker Alessandro Diamanti as Bankers are tightening purse strings for player signings.
This could be exciting times at the Boleyn Ground, watch this space!