West Ham United have until Friday to agree a new contract for Carlos Tévez or risk the Argentina forward being refused permission to play against Bolton Wanderers at Upton Park the next day.

Tévez was cleared to play for the rest of the season because the club told the FA Premier League that they had “unilaterally” cancelled their contract with Kia Joorabchian, who owns the rights to the player and could stop him playing for them. West Ham had been requested to do so after being fined £5.5 million at a Premier League hearing on Friday, in part for their agreement with Joorabchian that potentially allowed him to affect club policy.

However, Joorabchian has denied that he has given permission for the contract to be annulled because he would then have no guarantee that Tévez would return to his control at the end of the season.

The Iranian-born businessman says he is willing to make necessary amendments to the contract that would satisfy the Premier League, but he has been unable to meet West Ham officials this week. Unless an agreement is reached, he is unlikely to allow Tévez to play against Bolton on Saturday and Manchester United eight days later. The Premier League has said that is a matter between the club and Joorabchian.

“West Ham United can’t just tear up a contract more than anyone else can. It is legally binding on both sides,” a source close to Joorabchian said. “Kia is frustrated because this is not of his doing. The position has been forced upon him by the Premier League ruling, even though he has done nothing wrong.

“He has great affection for the people at West Ham and has absolutely no gripe with the club, the directors or the chairman. He wants them to do well and he is, of course, very close to Carlos and wants the best for him. He has made himself available to West Ham this week [for talks] and hopes they can come to an amicable settlement before the game on Saturday.”

West Ham have told the Premier League that they have cancelled the agreement with Joorabchian because it was not “enforceable by law”, although that has not been tested by a court. But they also told the Premier League that they would have a new agreement with Joorabchian in place by Monday this week.

“New arrangements are in place with the Premier League and dialogue is taking place in terms of Carlos Tévez’s future beyond the end of the season,” a West Ham spokesman said. “He is a registered player with West Ham and nothing has changed since he played against Wigan on Saturday.”

West Ham are considering whether to appeal against the fine and take legal action against the former board, including Paul Aldridge, the former managing director. Aldridge has defended himself after being criticised by the three-man independent panel that presided over the Premier League hearing and is considering legal action.

“Naturally, my sympathies lie with the club in respect of what seems a very harsh sanction,” Aldridge said. “However, my own personal and professional reputations have been besmirched. The findings accuse me of acting dishonestly and lying. Those findings were then published to the media at large and posted to the FA Premier League’s website, with the natural consequence that the accusations against me would be repeated far and wide.

“At no stage was I called as a witness, even though I volunteered to provide evidence to my former club, or invited to provide a statement, or notified in advance of publication of the serious allegations to be made.”