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The Hammers want a high-profile candidate to replace Allardyce, and are also prepared to offer the right man a bumper salary.

Allardyce earned around £3m-a-year at Upton Park but West Ham's next manager can expect to be paid more than that.

The Hammers will also be able to offer their new coach Europa League football next season.

UEFA confirmed they had topped the Fair Play League, taking them back into Europe for the first time since 2006/07.

That means West Ham will be playing their first qualifier as early as July 2, making the search for a new manager all the more urgent.

Odds tumbled yesterday on Roberto Di Matteo getting the job after the Italian resigned as Schalke boss.

But Slaven Bilic remains the favourite - and expects to hold talks with his old club in the coming days.

Bilic has quit at Besiktas and is understood to be interested in the challenge of leading West Ham into the Olympic Stadium in 2016.

Co-owners David Gold and David Sullivan had targeted the likes of Rafa Benitez, Carlo Ancelotti and David Moyes for the job.

But Benitez looks set to join Real Madrid, while Moyes is staying at Real Sociedad and Ancelotti wants a break from the game.

Sources at West Ham continue to insist the club will take it's time to find the right man for the job.

Gold and Sullivan want someone who understands the "West Ham way" and is willing to promote from the Academy.

But his transfer kitty will be boosted later this week when a decision is made on the club's out of contract players.

Carlton Cole, Jussi Jaaskelainen and Guy Demel are unlikely to be offered new deals, while Matt Jarvis could be sold.