Both Allardyce's and Reid's current deals expire in the summer and it seems that both could be set to depart the Boleyn Ground in the near future.
The Daily Mirror reported on Tuesday that the Hammers' board have opted for a change of approach and will decide against offering Allardyce a new deal, while Reid looks likely to join Tottenham Hotspur or Arsenal, according to the Telegraph.
The pair have been two of the most prominent figures at West Ham for a number of seasons and it is no surprise their possible departures are creating such attention.
However, there is another player on West Ham's books that is due to be out of contract this summer and doubts over his future appear to have gone under the radar.
Mark Noble only has five months left on his current deal and the club have surely taken a risk by leaving it this late to get the central midfielder tied down.
Noble has become a key player for the Hammers over recent years, with his performances in the centre of the pitch helping to drive the side on.
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The 27-year-old is an all-action midfielder and his displays always show the passion that supporters of the Hammers demand.
There has been talk of Noble’s form making him deserving an England call-up, but it appears that his future at the club is starting to fall into doubt.
West Ham's reluctance to hand Noble a new contract seems strange, considering how important to the side he is, and there will surely be no shortage of suitors should his deal expire.
It means that West Ham need to ensure that he is tied down before his head can be turned because if they fail, Noble's departure could well have a bigger impact than Allardyce's or Reid's.