Swansea have offered a deal worth up to £18m for Andre Ayew but West Ham are holding out for their £20m valuation of the striker, according to Sky sources.
The Hammers rejected an initial bid of £14m from Swansea for the Ghana international earlier this month, and the Welsh club have now returned with a second bid worth £18m including add-ons.
West Ham are happy to allow Ayew to return to Swansea if they match the £20m fee the London club paid for the 28-year-old when they signed him 18 months ago.
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The Hammers have also enquired about the possibility of Swansea including midfielder Ki Sung-yueng in the deal for Ayew.
Swansea must break their transfer record if they hope to re-sign Ayew from West Ham, having previously paid £15m to sign Borja Baston from Atletico Madrid in 2016.