The record TV deal, increased revenue from having 52,000 season ticket holders - second only to Manchester United - money from the £10m sale of James Tomkins to Crystal Palace and potentially another £20-25m to come from the prospective sales of Enner Valencia and Diafra Sakho mean West Ham are cash rich this summer.
Meanwhile Chelsea are backing new boss Antonio Conte with major funds in a bid to return to their former glory and have already signed Leicester City's N'Golo Kante and Michy Batshuayi for a combined total of more than £60 million.
Real Madrid's James Rodriguez gets rare game time
Big bid can lure fading star
Marca reports that any club which matches the Colombian star's £67 million price tag would get the chance to speak to the player who is interested in a move to the Premier League having dropped down the Los Blancos pecking order.
And now Rodriguez's manager Zidane has hinted he will need to trim his bloated squad this summer in a pre-season press conference ahead of Real Madrid's International Cup friendlies in Montreal, as reported by Sky Sports.
Real Madrid boss Zinedine Zidane
'It gives you problems'
"A large squad gives you a few more problems but that comes with the territory as Real Madrid coach," Zidane said.
"I have to play the most competitive side I can and I'll do the same thing this season, that's my responsibility."
Bacca scores for Colombia at the Copa America
Hammers can trump favourites Blues with Bacca-up plan?
But West Ham co-owners David Sullivan and David Gold are desperate to land a marquee signing ahead of the club's big move to the 60,000 Olympic Stadium this summer.