West Ham will look to offload up to four players in a bid to raise funds for a move for Roma striker Marco Borriello or Juventus hitman Fabio Quagliarella.
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He said: "The last of the transfer budget went on Stewart Downing and now we are up to our limit on wages so to make room in the budget, players will have to be sold before we can bring others in."
The Hammers are also monitoring Juventus frontman Fabio Quagliarella, as Borriello is thought to have misgivings about playing second fiddle to Andy Carroll.
The Londoners are hoping to raise enough funds to bring in either of the strikers on an initial loan, with an option to make the move permanent in January.
Wales international Collision is valued at £3.5m, with Vaz Te and Taylor at around £2.5m each.
Leeds have reportedly shown an interest in Vaz Te, who was signed from Barnsley after impressing in the first half of the 2011-12 season, while Maiga could also be sold in a bid to upgrade the club’s striking options.
The Malian is currently back-up for Carroll but disappointed last season after a £4m summer move from Sochaux, making just 17 Premier League appearances.
The Hammers have brought in Stewart Downing, a £5m signing from Liverpool, Razvan Rat, Adrian and Daniel Whitehead alongside the permanent capture of Carroll so far this summer.