"We understand the responsibilities that come with calling the nation's iconic Olympic Stadium, which will be converted into a world-class football stadium, our new home, " West Ham joint chairmen David Sullivan and David Gold said in a statement.
MacDonald, who has been in charge of the reserves, will oversee the first team for Villa's opening game of the new Premier League season against West Ham on Saturday before a trip to Newcastle on Sunday 22 August.
"Every penny raised would be used to pay off debts and buy new players, " added the West Ham co-owner.
It was a goal to suggest that the age of austerity ushered in by West Ham's new ownership, whose cost-cutting measures reportedly include regulating the use of lighting and heating at Upton Park, does not stretch to defensive matters.
On the day West Ham's new co-owners, David Gold and David Sullivan, stepped up their bid to occupy the Olympic Stadium after the 2012 Games, the pair will be desperately hoping their club will still be in the top-flight to enjoy it.
West Ham's relatively new commitment to retaining the track has buoyed enthusiasm about the club's bid.
Arsenal playmaker Ramsey, West Ham sensation Collison, Celtic new boy Ledley, Wolverhampton Wanderers youngster Edwards and King of Leicester are ahead of Davies in Toshack's pecking order.
Croatia coach Bilic is still under contract but agent Rudi Vata told BBC Scotland earlier this week that the former Everton and West Ham defender was keen for a new challenge.
France striker Loic Remy scored on his debut for QPR in a 1-1 draw with West Ham United, while Newcastle's new French midfielder Moussa Sissoko dominated the game during Tuesday's 2-0 win at relegation rivals Aston Villa, who preferred a strategy of financial prudence, which may yet backfire.
CNN: Big spending masks age of austerity for top soccer clubs
It has already been reported that West Ham are interested in making the stadium their new home after the Games.
However, the omens do not look good for West Ham if they are still bottom going into the new year with West Brom the only club to ever survive relegation when doing so.
After attaching such an important tag to this encounter, it appeared pivotal to the future of Grant - who had new right-hand man Wally Downes at his side - that West Ham emerged victorious.
West Ham do have several attacking options, however, including new signing Demba Ba, Carlton Cole, Frederic Piquionne, Victor Obinna and Freddie Sears.
That opens the possibility for Championship football club West Ham and their bid partner Newham Council to submit a new, lower risk proposal which could still see them move in after London 2012.
West Ham has signed forex broker Alpari as the club's new principal sponsor.
The 45-year-old Clarke joins West Ham on a three-year deal, joining up with new boss Gianfranco Zola, after handing in his resignation last Thursday.
Quinn said a new boss would be in place before Sunderland's next Premiership match, against West Ham on 19 October.
FIFA, meanwhile, have announced new rules to clamp down on third-party ownership of players following the Carlos Tevez controversy involving West Ham.
Mr Hone is currently negotiating a deal for West Ham to move into the stadium, probably for the 2016-17 season after a new system of retractable seats has been fitted.
The club's new owners have targeted a move from Upton Park to the 80, 000 capacity stadium as they try to improve West Ham's finances.
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