TalkSport reports that the Hammers are set to battle it out with Udinese and Lazio to sign the 22-year-old in January.
Boyd scored 17 goals for Austrian side Rapid Vienna last season.
The Germany-born striker joined Rapid Vienna from Bundesliga side Borussia Dortmund last year.
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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.