Goal exclusively revealed on January 7 that the attacker has made it known to his current club that he wants to make the move to west London this month.
The Cottagers head coach Rene Meulensteen confirmed on Tuesday that they have seen a bid for the 20-year-old turned down as he aimed to be reunited with a player he worked with at Manchester United.
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"There seems to be a story about Rav every week," he told reporters. "I would imagine everybody's got a price."
But when questioned on whether the Upton Park outfit would prefer to hang on to the midfielder, McDonald added: "Why not? But he needs to get into the team and he needs to be consistent.
"He's a young kid and he's still learning the game and he goes through inconsistencies to an extent.
"Rav trained with the rest of the lads with a big smile on his face yesterday and we look forward to having him in the squad for Saturday (when West Ham host Newcastle United)."
West Ham have been linked with a move for Southampton striker Rickie Lambert, but McDonald stressed that the rumoured transfer was all hearsay for the time being.
"He's a fantastic player and he's in good form, but it's all speculation at the minute," he added. "Whoever the manager decides to bring in, I'm sure it'll be a good addition to the squad."