The Hammers primarily targeted to sign Barcelona midfielder Andre Gomes this summer.
The Londoners have already seen an £18m bid knocked back by the La Liga champions for Gomes and they have returned with a second offer of £20m.
As a result, West Ham have turned their attention elsewhere and have earmarked Hayden as a potential option.
The defensive midfielder has time and again expressed his desire to leave the Magpies as he wants to be closer to his family.
The report claims that Hayden would cost somewhere in the region of £15 million.
Hayden was one of the best players for Newcastle last season. The 24-year-old may not be an eye-catchy signing, but he would certainly be a decent alternative for Gomes.
The defensive midfielder is good at tackling and passing, and could be a perfect long-term replacement for West Ham skipper Mark Noble.