David Moyes spent in excess of £150m on eight signings over the summer, including the club-record addition of attacking midfielder Lucas Paqueta from Lyon.
Gianluca Scamacca, Nayef Aguerd, Maxwel Cornet, Emerson Palmieri, Thilo Kehrer, Flynn Downes and Alphonse Areola were also brought in at the London Stadium on permanent deals.
However, the Hammers have endured a disappointing start to the 2022-23 campaign and currently sit 16th in the Premier League table, just one point above the relegation zone after 15 matches.
Moyes is said to still have the support of the West Ham hierarchy and the Scotsman will be hoping to have more funds available to spend in the New Year as he bids to steer his side clear of the danger zone.
According to Claret and Hugh, West Ham could look to sell up to five players to free up funds in the winter window, including versatile defender Ben Johnson.
The 22-year-old is rated highly by both Moyes and the Hammers faithful, but the academy graduate faces an uncertain future at the club after rejecting a contract extension earlier this year.
Johnson's current deal is due to expire in June 2024, and talks between both parties are understood to have been put on hold.
The England Under-21 international, who has previously been linked with North London duo Arsenal and Tottenham Hotspur, has made 72 senior appearances for the Hammers in all competitions, including 14 this season.
Meanwhile, the report adds that left-back Arthur Masuaku could make his loan deal with Turkish club Besiktas permanent, and a deal worth around £13m could be agreed in January as opposed to waiting until the summer.
In addition, West Ham may decide to cash in on Manuel Lanzini, who has struggled for regular game time under Moyes this season.
The Argentine playmaker has spent the last six years with the Hammers but he has started only once in the Premier League this term, with the majority of his appearances coming in the Europa League group stage.
Elsewhere, goalkeeper Darren Randolph, who is regarded as a third choice shot-stopper behind Lukasz Fabianski and Areola, could be made available on the market for as little as £1m, while young defender Harrison Ashby is believed to be edging closer to joining Newcastle United on a permanent deal.
Another potential departure from the London Stadium in 2023 could be star midfielder Declan Rice, who has hinted that he is ready to leave the club amid interest from the likes of Chelsea, Manchester City, Manchester United, Liverpool and Real Madrid.