The 28-year-old has failed to make the expected impact at the Emirates since joining the Gunners on a free transfer from Bordeaux in 2010.
Chamakh scored 79 goals in 293 appearances for Bordeaux before joining Arsenal, where he has scored just eight Premier League goals.
The Moroccan forward could join Joe Cole at West Ham as Sam Allardyce’s side has completed the signing of the Liverpool midfielder.
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Since Guus Hiddink arrived at the helm, Chelsea have improved considerably after a tricky start to the campaign.
Newcastle United are staring down the barrel of relegation to the Championship for the second time in the past eight years.