The Spanish midfielder joined the Hammers in 2015 from Sampdoria and it seems he will return back to Italy in the summer transfer window.
The report claims that Serie A club Sassuolo have bid £8.1m (€9 million) for the 27-year-old midfielder and that the deal is close to being done.
Obiang, who is on £55k-per-week wages, has made a total of 116 appearances in his four seasons in east London. He made 24 appearances in the Premier League last season but struggled to start enough games due to the rise of Declan Rice.
At Sassuolo, he would be getting regular time, and that should tempt him to make a move this summer.
The Equatorial Guinea international is currently in the squad for the Premier League Asia trophy but it seems West Ham are working on his transfer deal.