The Black Cats star was Slaven Bilic’s No.1 target at the start of the January transfer window.
Defoe has continued to prove his goalscoring prowess at the Stadium of Light, despite turning 34 in October.
West Ham made an approach to sign Sunderland’s talisman but had a £6million bid rejected.
With David Moyes’ men in a battle to avoid relegation, Defoe’s importance means the Hammers would have to significantly up their offer to bring their former star back to east London.
GETTY
Sunderland striker Jermain Defoe is believed to be keen on a return to West Ham this month
How much do you think you could sell Defoe for when he’s 36?
David Gold
But attentions have now turned to Brentford hitman Scott Hogan and out-of-favour Chelsea forward Michy Batshuayi.
And Gold has suggested Defoe’s decrease in value in the long run doesn’t justify West Ham making a bigger move.
One Hammers fan tweeted the co-chairman: “I think £15m for Defoe would be a good buy. Yes he’s 34 but his goals could be priceless.”
Gold replied: “How much do you think you could sell Defoe for when he’s 36?”
GETTY
David Gold's reasoning behind West Ham not signing Jermain Defoe angered supporters
Invalid email
We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. Read our Privacy Policy
West Ham supporters were not impressed by the reasoning behind the failed move, as Bilic’s side have really struggled for quality and goals up front this term.
It is believed Defoe was keen on a return to West Ham, having regretted the way he left the club for Tottenham early in his career.
But unless the striker, who has 11 Premier league goals this season, forces his way out of Sunderland, a deal does not appear likely with West Ham unwilling to meet his valuation.
Hogan, though, is edging closer to joining after the Hammers made a third offer worth £13m for the 24-year-old.