The Hammers started to keep tabs on the former Chelsea boss as soon as he was dumped by Bayern Munich after their Champions League defeat to Paris Saint-Germain.
Ancelotti, 58, immediately targeted a return to management with his preference the Premier League but Guanghzou Evergrande have already been in touch with his advisors.
Another former Stamford Bridge boss Felipe Scolari is the current Guanghzou Evergrande coach but his future is in serious doubt after a poor run of form.
And Evergrande have offered Ancelotti his job and are willing to pay him £13 million a season for the next three years to turn around their flagging fortunes.
Bilic’s future has been in doubt since last season when he narrowly avoided the sack and results have continued to get worse this season.
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Ancelotti has kept a home in London since leaving Chelsea and would consider any offer that he was made to replace Bilic who is out of contract at the end of the season
He is also likely to become a target for AC Milan who he led to two Champions League titles with Vincenzo Montella on the brink of the sack.
Milan have spent huge amounts this summer, but at sixth and six points behind league leaders Napoli.