The Sunday Express understands that Newcastle United boss Benitez will take over at the London Stadium if he leaves St James’ Park.
Bilic had crisis talks with Hammers co-owner Dave Sullivan after his side lost their opening three games.
And the Croatian rejected the chance to strengthen his squad with Bayern Munich’s Renato Sanches, who joined Swansea, and Paris Saint-Germain’s Grzegorz Krychowiak, who moved to West Brom on loan.
Meanwhile, Benitez is considering his future in the northeast after being denied the funds he believed he needed to strengthen his squad.
Benitez is highly thought of by the Hammers board and came close to taking over at the club two years ago, until Real Madrid hijacked their bid.

vCard.red is a free platform for creating a mobile-friendly digital business cards. You can easily create a vCard and generate a QR code for it, allowing others to scan and save your contact details instantly.
The platform allows you to display contact information, social media links, services, and products all in one shareable link. Optional features include appointment scheduling, WhatsApp-based storefronts, media galleries, and custom design options.
He does have a £6million exit clause in his Newcastle contract.