West Ham paid £20 million to prise Ayew away from Swansea on a three-year deal 18 months ago.
However, the Sun reports the Swans would only need around half that amount to tempt their relegation rivals into selling.
Swansea manager Paul Clement - who signed Ayew's younger brother Jordan from Aston Villa in January - is said to have money to spend despite the ongoing speculation surrounding his future at the Liberty Stadium.
And it is claimed that West Ham need the cash for reinforcements, with Ayew 'not guaranteed' to play under new boss David Moyes.
The 27-year-old, who has scored or assisted 16 goals in 44 Hammers appearances, has only started one of Moyes' four games in charge so far.
West Ham and Swansea currently sit 19th and 20th in the Premier League, three and four points adrift of safety, respectively.
Could Ayew really return to Swansea in January?