The Nigerian striker missed out on a deadline-day switch to QPR after his parent club refused to sanction the transfer and was subsequently left out of the Baggies' squad to face Tottenham last Sunday.
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The Palace boss told Sky Sports: "I haven't got a clue about that. Someone contacted the chairman.
"I was asked: Would I want him? I said yes.
"I don't really think that's a realistic target for us, personally."
West Brom boss Steve Clarke described Odemwingie's behaviour as "total lunacy" and must now decide whether to leave himself short of attacking options for the second half of the season by allowing the striker a short-term move.
The Baggies are also expecting a loan bid for Jerome Thomas from Blackburn, who failed to conclude a permanent move for the winger before the window closed.