The forward has struggled to re-establish himself after failing to force through a January move to QPR on transfer deadline day, but the club are still seeking a suitable offer
The 31-year-old saw a January move to QPR fall through on transfer deadline day, and still has a year left on his current contract with the Baggies.
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Peace told Birmingham Mail: "We have a player who is under contract until the end of the season.
"Unless something comes in to change our way of thinking he will be back in pre-season and we will deal with that.
"We took a view at the end of January - not only for the reasons of Peter Odemwingie, or QPR, or whichever agents were involved who acted disgracefully, but for the long term of this football club - that we have to behave a certain way.
"If we don't do that they will all be knocking on the door. Unless we get an offer we're happy with we won't sell him."