The Daily Mail says West Ham are urgently drawing up a short list of replacements for Grant, whose time is up as manager of the Barclays Premier League's bottom club.
West Ham would prefer to appoint a manager who requires no compensation, but O'Neill appears an ambitious target, especially with Liverpool searching for an alternative to Roy Hodgson. O'Neill would be a popular appointment for the Kop.
Grant has been told he will still be in charge of West Ham for tomorrow's third-round FA Cup clash with Barnsley, but the club have run out of patience and could even remove him today.
Ominously, his regular Friday press conference has been cancelled, due to the 'busy schedule'.