West Ham have accepted they are likely to lose Lucas Paquetá to Manchester City and are trying to soften the blow by signing Cole Palmer from the champions.

Pep Guardiola is keen to strengthen in attacking midfield and Paquetá’s desire to join the treble winners is expected prove decisive. West Ham have rejected an opening proposal of £70m from City for the Brazilian, whose contract contains an £85m release clause that becomes active next summer, but will sell for the right price.

There is an acknowledgment within the club that keeping Paquetá against his wishes could be counterproductive. It has been stressed, though, that West Ham’s record signing has remained professional this week. Paquetá, who left Lyon for £51m last summer, has travelled with the squad for Saturday’s game at Bournemouth.

West Ham have already sold Declan Rice to Arsenal for £105m and are not under financial pressure. However they are planning for the likelihood of Paquetá leaving. They have asked City about taking Palmer on loan as part of the deal, but it is understood that they would have a better chance of signing the winger on a permanent basis. The England Under-21 international scored a stunning goal during City’s defeat by Arsenal in the Community Shield and also has interest from Brighton.

Palmer is left-footed but predominantly plays on the right. Jarrod Bowen normally plays on the right for West Ham but David Moyes is thinking about using the 26-year-old in a central role. He envisages Palmer and Bowen playing in the same side.

The uncertainty over Paquetá has not prevented West Ham from backing Moyes this week. They have signed the Mexico midfielder Edson Álvarez from Ajax for £32m and are set to announce the £30m signing of the Southampton midfielder James Ward-Prowse.

West Ham have also agreed personal terms with Harry Maguire after having a £30m bid for the centre-back accepted by Manchester United. Maguire is tying up some financial matters with United before completing his move.