West Ham were set to complete the signing of France midfielder Alou Diarra from Marseille.
The Hammers issued a statement on their official website on Friday in which they revealed they were on the brink of "tying up a major new signing in the next few hours".
Press Association Sport understands the player involved is 31-year-old Diarra, who was reportedly slated to arrive in London this week to undergo a medical ahead of a Â£2million move.
A statement on www.whufc.com read: "West Ham United are hopeful of tying up a major new signing in the next few hours. The deal for the international star is at an advanced stage and it is hoped the transfer will be confirmed later on Friday."
Signing Diarra would be a coup for West Ham, with the midfielder one of France's better performers at Euro 2012, despite a disappointing season with Marseille.
He also failed to make the grade at Liverpool, spending virtually all of his three years there on loan. His Marseille exit seemed inevitable when he reported back from Euro 2012 six days late and was fined.
West Ham have also had a Â£9million bid rejected for Wolves winger Matt Jarvis, Press Association Sport understands.
The Hammers, who traded places with Wolves as they won promotion to the Barclays Premier League, are understood to have offered Â£6million now for Jarvis, with Â£3million to follow in various add-ons.