West Ham have revealed that they intend to announce their new manager “within the next 48 hours”.

After Sam Allardyce’s departure within minutes of their final match of the season against Newcastle, West Ham’s co-owners David Sullivan and David Gold have led the search to appoint a replacement.

“West Ham United’s search for a new manager looks to be entering its final stages, with the Club hoping to make an announcement within the next 48 hours,” read a statement on West Ham’s website on Monday.

“The Board cleared their diaries and spent the weekend meeting and interviewing applicants and, with the shortlist now narrowed down, talks are entering an advanced stage with the favoured candidates.”

The former defender Slaven Bilic remains the heavy favourite following his departure from Besiktas at the end of the season, with the Croat one of those who is believed to have held talks with Sullivan and Gold over the weekend.

Michael Laudrup has also been linked, although his arrival appears unlikely with the Dane set to sign a new deal to stay with Qatari champions Lekhwiya SC.

Harry Redknapp, who spent seven years in charge of West Ham, said he would like to see Rio Ferdinand take over with the 68-year-old installed as director of football.