The striker is thought to be surplus to requirements at the Emirates Stadium, following a disastrous spell in North London.
After notching only eight goals in 40 Premier League appearances with the Gunners, the club are thought to happy to allow the Moroccan to leave, and will even subsidise his £65,000-per-week wages for duration of his time at Upton Park.
Hammers boss Sam Allardyce is keen to draft in attacking options and sees Chamakh as an ideal source of back-up to Carlton Cole whilst Andy Carroll recovers from injury.
If the temporary move is successful, the East Londoners may even attempt to draft him in as a permanent replacement for Cole, who is out of contract at the end of the season.
Reports suggest that deal is close to being finalised, but it is thought that he will be unable for West Ham’s FA Cup clash with Manchester United on Saturday.
Tottenham, Everton, Blackburn and Espanyol have all been previously linked with a move, whilst his former club Bordeaux are thought to have had multiple bids rejected.
Arsenal beat Liverpool to Chamakh’s signature in 2010, when he was regarded as one of the finest talents in Europe.
However, he has failed to adapt to the rigours of the Premier League, managing only a few of impressive displays.