David Gold says West Ham will not open contract negotiations with Sam Allardyce until the club's Premier League future is assured.
The Hammers' manager has guided the club to 11th in the Premier League in their first season back in the top flight, but his current deal expires at the end of the current campaign and he is yet to receive a new one.
Gold, who owns the club along with David Sullivan, explained on the Footballers' Football Show that Allardyce's new contract offer will depend on how successful the team is on the pitch - and that means ensuring Premier League survival.
"The situation is that we will sit down at the end of the season," he said.
"First of all, we still don't know the division we're in. Some will say we're safe and some will say we're worried about relegation - and both will be fair and reasonable.
"But until that is determined it is very difficult to sit down with Sam. First of all, would Sam want to stay if we were relegated? That's an interesting scenario because he's an experienced Premier League manager.
"What I hope for is that we retain our Premier League status, that we finish in the top half of the Premier League and we sit down and formulate a new contract that will take us forward.
"I want Sam to stay - because for Sam to stay we have to be successful. If we're successful then Sam will stay, if we're not successful then Sam might not want to stay with us."
West Ham currently have 30 points and are seven points clear of the relegation zone, but have only won twice in their last 11 league games.
And Gold said it is difficult to make plans for the future until the club are certain of their top-flight status.
"I wouldn't say we are safe," he added.
"I would say we should be okay with 30 points at this stage. It's very strange because we beat Swansea and I started looking up the table. We'd got 30 points and I started thinking if we can finish eighth or seventh.
"And then we go away to Aston Villa and get beat and the next morning I'm looking down at what the gap is between us and the bottom three.
"It's actually seven points and the records say that you're safe, but in this business you can't count on anything.
"And I use the word 'business' very loosely."