West Ham value the 28-year-old at £20m – the price they paid Swansea to sign him in August 2016 in what was then a club-record deal.
But a deal between the clubs is unlikely, with sources close to Ayew insisting he is not keen on a return to the Liberty Stadium.
The Ghana international joined Swansea from Marseille in 2015 and enjoyed a superb debut campaign in England, scoring 12 goals in 35 appearances.
Ayew has struggled to establish himself as a first-team regular at West Ham since his move to the club, netting 12 goals in 50 appearances.
Sky Sports reports Swansea are also interested in Ayew’s West Ham team-mate Diafra Sakho.
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