A contract of that value would roughly double his current deal, which is in the range of $11.5 million per year.
There is a six point gap separating them from safety and a win against Arsenal could be an important boost if they want to stay in the Premier League.
Arsene Wenger has said it was unacceptable for his Arsenal players to publicly admit that Crystal Palace "wanted it more" following Monday's defeat at Selhurst Park.
"You have many different opinions there".
Much has been said and written about Wenger's future at the club as well as Mesut Ozil and Alexis Sanchez's contract situation in recent months, but the Frenchman hopes his players remain focused on their task on the pitch.More news: Rockford Church to Hold Easter Event
"That is why you have to make the decision in an objective way". The club always has to be the priority. I understand as well that top players are a big priority. And beyond that, the ramifications would cost the club more.
The only card he has left to play really is to throw off the financial shackles he attached to the club and buy a new team.
Wenger refused to confirm speculation that a contract of such proportion had been prepared to keep Sanchez. Many observers suspect he's waiting until the club's European fate is determined.
They have slid out of title contention and were humiliated in the Champions League but are also struggling to qualify for next season's Champions League.
The Hammers have also lost their best player in Dimitri Payet, and this time a year ago, a Payet inspired West Ham were flying in the league and found themselves in sixth place, one point behind fifth placed Manchester United, and had just drawn 3-3 with Arsenal courtesy of a hattrick from Andy Carroll.More news: Man City wary of Saints stealing their halo
The Chile global, 28, who is contracted to the Gunners until the summer of 2018, was nominated for PFA Player of the Year award this week after scoring 18 goals and assisting nine in the league this season. Among the many problems such a move would entail is the travel distances to play worldwide games for Chile.
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Then he risked a potential clash with Sanchez and Ozil by challenging them to play " like top sportsmen" and fulfill their contractual obligations until the last kick of the season.
"After that you do not have to make a choice anymore where - you go to China because you earn big money", he said. If he accepts the deal, he'd make £62.4 million over the next 4 years, which is a lot of money.
"His goalscoring record is good, his assists are good and I believe that the combination of goalscoring and assists always shows the quality of a player". "So, for me, China is not a debate".More news: PM Modi officially launches BHIM on BR Ambedkar's anniversary