In recent days, the Hammers have held talks with Rben Amorim, but Portuguese sources state he will stay with Sporting Lisbon.
The 39-year-old did not feel that the meeting with West Ham went particularly well.
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The Guardian says it is doubtful that West Ham are ready to pay Amorim's buyout clause of 15m.
At the same time, West Ham have now held productive talks with Lopetegui - who has been out of work since he left Wolves last summer.
The Spanish coach has been on the London club's radar for several months.
However, Lopetegui is also being considered at AC Milan - who look set to replace Stefano Pioli this summer.