The midfielder spent two years at Upton Park up until 2007, before moving on for spells with Liverpool, Arsenal and Chelsea.
However, he failed to establish himself at Stamford Bridge and was allowed to return to the Hammers on a six-month loan basis during the summer.
Despite having struggled to force his way into Sam Allardyce's plans, the 32-year-old has admitted that he is just pleased to be among familiar surroundings.
"I felt great from the first day I came here," he said. "I know a lot of people at the club, so it feels like home. At the moment the loan is until January, so I want to enjoy it as much as possible and, when I get the chance, try to prove myself.
"It's difficult for a player to come to the team without doing the pre-season with them. You have to be patient.
"With international breaks, I have had maybe only four weeks with the team and they've been playing well."
Benayoun featured during West Ham's 4-1 win over Southampton at the weekend.