The Hammers are seeking to fill a creative void after Tottenham Hotspur completed an £85 million deal for Fernandes last week.
With significant funds now available, West Ham have set their sights on McAtee as they look to reinvest and reshape their midfield.
The Englishman has been a long-term target for the East London club, who tracked him closely before his £30 million move from Manchester City to the City Ground last August.
Although McAtee arrived at Forest with high expectations, he has struggled to secure a regular starting spot amid fierce competition.
This lack of consistent minutes has given West Ham a chance to tempt the midfielder with the prospect of a starring role at the London Stadium under Nuno Espirito Santo.
Replacing Fernandes will be no easy task; the Portuguese midfielder was a standout performer, lauded for his press resistance and progressive play.
While McAtee may lack some of Fernandes’s defensive intensity, West Ham see him as a versatile asset capable of operating as either a number 10 or number eight.
His close control, spatial awareness, and creative flair would complement Jarrod Bowen’s pace in attack.
Securing McAtee’s signature will not be straightforward. Nottingham Forest are likely to demand a substantial fee for the ‘exceptional’ playmaker, especially given Manchester City’s significant sell-on clause, which would see a portion of any transfer fee return to the Etihad.
Nonetheless, with £85 million at their disposal, West Ham have the financial strength to test Forest’s resolve.