West Ham owner David Sullivan will reportedly find out whether he will be given the green light to sign Anderson – although that proposed move is looking unlikely.
Yarmolenko is seen as the ideal cheaper alternative as West Ham have already had two bids rejected for Anderson, with Lazio president Claudio Lotito holding out for a fee of around £40m plus add-ons and the Hammers only willing to offer around £37m.
New West Ham manager Manuel Pellegrini is desperate to sign Anderson and sees him as an ideal player to bolster the quality of his squad, but he may be willing to settle for Yarmolenko given the huge transfer fee required to secure Anderson.
The two-month saga for the signature of Anderson looks set to continue with Lotito continuing to stall the transfer, and Lotito has claimed he will only sell his players if interested clubs meet their conditions.
"We have many players who are wanted in Europe and we need to sell them if we want to make new signings," he said.
"If a player wants to leave he needs to agree on terms with Lazio. Whoever wants to sign a Lazio player must deal with our requests. Our players are only going to leave on our conditions. Clubs with no money can’t buy our players.
"Times have changed we are not colonies of other clubs, our players will only leave on our conditions."