West Ham have "cooled" their interest in Yakubu with co-owner David Sullivan saying the club are only prepared to pay a quarter of Everton's valuation of the striker.
The Hammers have identified Yakubu as a possible signing and Everton are prepared to let the Nigeria international depart after he made only nine Premier League starts last season.
But at present the clubs have very different opinions regarding a fair price for the former Middlesbrough and Portsmouth striker.
"We have cooled on Yakubu," Sullivan told the Daily Telegraph. "When you have a good, hard look at him, we want younger and quicker and better.
"Everything has a price. You want to get Yakubu for £1-2 million and they are quoting £8 million and that is far too much.
"They have to be more realistic. If they said £1-2 milion we might go back. We bid more at the start of the summer because we had more flexibility but, at this moment in time, having spent some of our money on other players we want him for £1-2 million."