The Brazilian has fallen down the pecking order at the London Stadium under David Moyes in recent months.
And the Hammers will listen to offers for Anderson, who was their £36m record signing when they signed him from Lazio in 2018, as Moyes looks to sell to raise money for a defender, full back and striker.
Football Insider report the 27-year-old is a top target for Arsenal at present and could move across London before the October 5 transfer deadline.
Mikel Arteta is said to be a big fan of Anderson, who netted just once last season in the league.
Arsenal already have Nicolas Pepe out wide after splashing £72m on his services last year.
Bukayo Saka and Pierre-Emerick Aubameyang are also used on the wings, while Willian has been brought in to play down the right.
But Arsenal believe they can lure Anderson to the Emirates on the cheap as West Ham look to cash in on big stars.
Moyes wants to bring his own additions in this summer.
And the Scot has been urged to cash in on Anderson to free up funds.
Speaking to Football Insider, Darren Bent claimed the Hammers should look to sell, saying: “He’s been a massive disappointment, Felipe Anderson.
"We saw signs in the first game of how good he was going to be and he’s got nowhere near that potential we’ve seen.
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"He’s not consistent enough, we see it once every ten games and that’s not good enough.
"That is going to be a dilemma because people aren’t going to be buying these players because of the whole pandemic situation.
"They might have to start sending these players on loan, two-year loans just to get them off the wage bill, or they might have to pay some of these players off to get them out the building."