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West Ham could be forced into a club-record transfer as they look to replace Marko Arnautovic in the January transfer window.

Sources have confirmed that the club are willing to sell Arnautovic this month if their £40million asking price is met, and Bournemouth striker Callum Wilson is currently on the club's shortlist to replace him, though he may end up costing over £50m.

What's the word?

The Hammers are ready to engage in something of a firesale as they look to raise funds to secure a replacement for Arnautovic.

Once the sell-on clause to Stoke City is factored in, the club are likely to receive £36m for the Austria international, provided they receive £40m for the striker. Stoke are due 20% of any profit, after selling the player to West Ham for £20m in 2017, which would amount to £4m.

There is also a willingness at the club to allow Javier Hernandez to leave, as Valencia look to secure a deal for the Mexico international.

The Spanish club initially enquired about a loan deal, but sources at the club have made it clear that they are only interested in selling Chicharito, and would not countenance a short-term move.

The Irons are keen to raise funds and have subsequently placed a £12m valuation on Hernandez.

If both players were to leave this month, the club would receive a total of £52m in theory, and £48m in real terms.

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A move for Wilson has been mooted, despite media reports suggesting Bournemouth could demand £75m for their prized asset, who has scored 10 goals in all competitions this season.

Those in the boardroom at West Ham believe they have a clear run at the player, despite apparent interest from Chelsea. The Daily Telegraph reported on Wednesday that the Blues are instead pressing ahead with a deal to sign Juventus striker Gonzalo Higuain, who has spent this season on loan at AC Milan.

There is a feeling at the club that Wilson would not cost £75m but also an awareness that Bournemouth will charge a premium, given the complexities of replacing him this month and the fact that he is English.

He would almost certainly prove more expensive than Felipe Anderson, who became the club's record signing when he joined from Lazio for £36m.

Nevertheless, the club plan to boost their own balance by selling both Hernandez and Arnautovic before the end of the transfer window, and are set on buying a striker this month to replace them, be it Wilson or not.

The club are also scouting Celta Vigo striker Maxi Gomez, but he is an unproven commodity in the Premier League.

Were they to sell both Hernandez and Arnautovic and fail to buy a replacement, West Ham would be left with Lucas Perez, Andy Carroll and the versatile Michail Antonio as their forward options.

Bournemouth hold the cards

There is little doubt that West Ham will be forced to pay a premium for Wilson if they wish to secure his signature this month.

Chelsea's interest may have melted away, and with it the prospect of a bidding war, but Bournemouth are currently sitting pretty.

They would be open to keeping Wilson for the remainder of the season and beyond, while the player has thus far shown no inclination of pushing for a move.

West Ham are aware they could have to pay over £50m to secure the player's signature, and that figure is only likely to rise as the clock ticks down to deadline day.

Selling both Arnautovic and Hernandez would help the Irons' cause, but it would also improve Bournemouth's argument of receiving a bloated fee, particularly if no other striker is pursued.

Manuel Pellegrini is aware that he cannot operate with Lucas and Carroll as his two main strikers for the remainder of the season, and there is a confidence that a forward will be acquired this month.

However, it appears certain that the club will end up paying through the nose to get him.