With Andy Carroll out until November and following Enner Valencia's injury on Thursday night, the Hammers are desperate for firepower ahead of the upcoming season.
The Daily Mail suggests the Hammers are looking bring in a new striker before the close of the transfer window, having considered a number of names including Javier Hernandez of Manchester United, Liverpool's Fabio Borini, Mattia Destro of Roma and Charlie Austin at QPR.
The summer arrivals of Jackson Martinez and Luciano Vietto are set to push Jimenez further down the pecking order at the Vicente Calderon. and West Ham will hope to take the Mexican on loan.
Being an unproven entity in Europe, signing Jimenez would certainly represent a risk for Slaven Bilic's side.
The 24-year-old made just four La Liga starts for Atletico last season with most of his appearances coming off the bench as he scored only one goal for Atletico.
However, is his statistics recorded throughout his time in native country Mexico that will surely excite Hammers fans.
Jimenez is widely regarded as one of the most promising young players to emerge from the South American nation, and this is largely due to his composure in front of goal.
Given regular game time for former club América, he scored 34 goals in 78 league appearances between the 2012/13 and the beginning of the 2014/15 season.
Meanwhile, he has scored eight goals in just 16 starts for the Mexican national team, including two successful strikes in this summer's Copa America competition.
Signing Jiminez ahead of a number of the club's alternative targets would prove a risk, but it is certainly one worth taking for Slaven Bilic and the West Ham hierarchy.
Ultimately, a loan deal is the perfect agreement for the Hammers.
The 24-year-old will have a season to prove himself in the English top flight and, if he fails to do so, the London outfit will avoid being lumbered with a costly failure for the remainder of a long-term contract.