West Ham are hoping to provide a resolution over the managerial turmoil at the club after receiving heavy criticism over the leaked potential appointment of Martin O'Neill.
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Current boss Avram Grant has been under substantial pressure at Upton Park and it had been expected he would be dismissed after the 5-0 defeat at Newcastle on January 5.
However, he earned a stay of execution with victories in the FA Cup and Carling Cup but, following Saturday's 3-0 loss at home to Arsenal, he is expected to be shown the door. A source has told ESPNsoccernet that O'Neill, who walked out on Aston Villa at the start of the season, is top of the list and has given an "indication" that he would take the job should it become available. However, he is said to have been acutely embarrassed and a touch unnerved by the leak that he had been earmarked to replace Grant.
Martin Jol and Sam Allardyce are also potential options.
West Ham owners David Gold and David Sullivan have been shocked by the backlash that has accompanied their search for new manager while Grant is still in the job. The owners believe it would be a dereliction of their duty if they were not prepared to research the availability of potential replacements and the survival of the club in the Premier League is their only concern.
The source said: "The owners consider themselves moral people and are trying to do the right thing."
Gold and Sullivan are aware that Grant is having to cope with the loss of several key players to injury as well as the fact investment in the team has been limited.
They are dealing with £80 million of debt but are freeing up funds for a vital plunge into the transfer market, including a £7 million bid for Hoffenheim striker Demba Ba. Wayne Bridge has already joined on loan with the club taking over all of his £90,000-a-week wages.
West Ham agreed to pay the £65,000-a-week wages of Robbie Keane but cannot persuade Spurs to agree to a loan deal ahead of any permanent transfer.
A source within the club told ESPNsoccernet: "What we need now is new players, and we are doubling our efforts to get them."