David Moyes' side looked set to secure the services of Manchester City youngster Carlos Borges.
However, Ajax have since hijacked the deal, with the player now heading to the Netherlands to undergo a medical.
West Ham had lodged a bid worth £14m for the star, only for Ajax to step in and offer £17m.
A total of 48 days has passed since the club made their only signing of the summer - when 17-year-old Sean Moore from Cliftonville for an undisclosed fee.
West Ham are yet to bring in any further new faces, with supporters growing concerned at their lack of business.
read more of west ham united
West Ham lodge take-it-or-leave-it bid for Ward-Prowse but it's still £10m below valuation
West Ham have transfer struggles, coach 'clashed' with Moyes - but fans told 'don't panic'
Moyes is determined to bolster his squad using the £105m funds he received from Arsenal for midfielder Declan Rice.
And Transfer Insider co-host Rory Jennings insists the current lack of response to Rice's departure amounts to incompetence from the Hammers hierarchy.
He told talkSPORT: "This is a perfect microcosm of terrible management, terrible ownership and terrible direction at West Ham.
"This can't all be a coincidence. They're constantly getting things wrong. They're constantly getting linked with players. They're constantly going in short and they're undervaluing.
Most read in Football
West Ham update, Caicedo 'drops Brighton bombshell', Man United to announce Hojlund
Real Madrid legend Marcelo sent off in tears after accidentally breaking opponent's leg
I told Nottingham Forest I was joining Leeds instead of them and the manager hung up on me
West Ham have transfer struggles, coach 'clashed' with Moyes - but fans told 'don't panic'
"At what point does this become terrible behaviour from the directors down, rather than sheer bad luck?
"At what point does it become incompetence? You cannot miss out on player after player. They've tried and failed to sign five players."
The Hammers have submitted a take-it-or-leave-it offer worth £30m for Southampton skipper James Ward-Prowse, which has been rejected.
Ward-Prowse is renowned for his leadership skills, something that Moyes is keen to bring in following the departure of Rice.
Another target was Chelsea's Conor Gallagher, but West Ham fell short of the Blues' £50m valuation, and have since cooled their interest.
Manchester United rejected a £20m offer for Harry Maguire, and Scott McTominay has also been linked with a move to the London club, but no further details have since emerged on the duo.
West Ham were in serious danger of getting relegated back to the Championship last season, but a late turn in form saw Moyes' side clamber up to 14th place and win the Europa Conference League.
Despite failing to recruit anyone as yet, however, talkSPORT co-host and former Fulham star Danny Murphy believes the club are right to wait it out when it comes to recruitment.
"I don't think West Ham fans should be panicking yet at all," he told Drive.
"They've got to be very cute and clever because everybody knows the money that they've got from Declan. They know people will be taking the Michael. People are going to be pushing their luck when they enquire about players.
Read More on talkSPORT
Ronaldo's daughter spotted in Salah Liverpool shirt as Rodriguez shares holiday snaps
Paul vs Diaz LIVE: UK start time, undercard, talkSPORT commentary and how to follow
"So I would expect, unfortunately, for David Moyes - and West Ham fans actually - that their business will get done late. What'll happen is the realistic value of a player will become apparent as the window closes. So, don't panic. Yes, you want to start the season well, I get it.
"This is the problem with the window being open until the end of August, but there's no point in overspending for the sake of two or three weeks."