Benayoun was originally on a loan deal with the Hammers and had also spent time at Liverpool.
But injuries have taken their toll on the Israeli and he has fallen out of favour with Rafa Benitez, who will leave the club at the end of the season.
However, West Ham boss Sam Allardyce has raised the spectre of a return for Benayoun during an interview with TalkSport.
He said: "I've not thought about that yet. It's about being safe then securing my position and seeing where we go.
"There will be lots of clubs chasing players who won't cost anything in terms of a transfer fee.
"He will be on our list probably but we will wait and see when the time comes around."
Benayoun is yet to open his account this season.