West Ham's owners David Sullivan and David Gold have turned down an informal approach to buy the club.
Sullivan and Gold, who bought West Ham in 2010, rejected the approach because it was a vague offer and was not in the best interests of the club, its supporters or shareholders.
Former QPR chief executive Philip Beard has been trying to put together a deal to buy West Ham.
Sullivan and Gold do not want to sell and would only consider a possible sale if a prospective buyer had the best interests for West Ham as well as the finances to take the club to the next level.
The latest approach was viewed by the owners as a property deal rather than a football deal.
Proof of funds were not provided, and no mention was made of investing in the transfer market to strengthen the first-team squad.
Sullivan and Gold are regularly approached by prospective buyers, but many of them turn out not to have the required funds to buy the club and often have no experience in football.
West Ham will begin their 2021/22 Premier League campaign with a trip to St James' Park to play Newcastle United on August 15, live on Sky Sports.
The Hammers - for whom manager David Moyes recently signed a new three-year contract - follow that journey with back-to-back home games against Leicester City and Crystal Palace.
West Ham, who finished sixth in the 2020/21 season, face Tottenham at the London Stadium on October 23 and play host to Chelsea on December 4.
Moyes' men complete their league campaign with a trip to Brighton on May 22.