The England star spent a successful loan spell with the Hammers last season and scored nine goals in 16 appearances during the second half of the campaign.
Lingard has struggled for game-time since returning to Old Trafford during the summer and has made just two starts in all competitions.
Speculation has intensified over his future with Newcastle seeing two loan bids rejected by the Red Devils over the last fortnight.
Talks remain ongoing between the two clubs as they look to come to an agreement over a ‘survival bonus’ should the Magpies maintain their Premier League status this season.
The Daily Mail have reported an initial bonus payment of £12million has now been reduced to £9million and could be further reduced as the 11pm deadline approaches.
However, the Manchester Evening News have stated Lingard would prefer to return to West Ham and aid their push for a Champions League place.
Red Devils interim manager Ralf Rangnick is said to have given the green light for Lingard to leave the club over the coming hours - but any potential deal now remains in the hands of the Old Trafford hierarchy.
Speaking about potential outgoings earlier this month, Rangnick said: “With regard to Jesse, it’s the same as with quite a few other players.
“He’s a really good player, I see that in every training session. For me it’s normal that other clubs like, for example, Newcastle show interest in him.
“I’m not the one who is dealing with that. I know there might be some interest from other clubs but if you ask me now what will happen in the next 10 days until the closure of the window, I can’t answer that question I’m afraid.”
Burnley, Leicester City, Everton and Aston Villa are also said to be monitoring the situation.