According to BBC Sport, the duo would take a substantial shareholding for a nominal fee on the understanding that they invest in the team after Christmas. They also want the option of buying the club outright at a later date.
West Ham is currently owned by CB Holding, a company made up of creditors of Hansa, which was owned by former chairman Bjorgolfur Gudmundsson. Gudmundsson led the consortium which bought West Ham in 2006 for £85 million, buying 90 per cent of club himself, but was declared bankrupt by the Icelandic courts with debts of almost £500 million in July 2009.
It is understood several parties have made approaches to buy the club but all negotiations are still at an early stage.
Gold and Sullivan sold Birmingham to Hong Kong billionaire Carson Yeung in October after 16 years of involvement at the West Midlands club.
