The Nigerian international, 29, signed at the Hawthorns from Russian club Lokomotiv Moscow in the last summer transfer window and scored 15 goals for the Premier League side in his debut campaign.
West Brom are keen on retaining the striker’s services, with manager Roy Hodgson signalling in May that the player deserved a new contract.
Dan Ashworth, technical director at the West Midlands club, told the Birmingham Mail: "Our aim is to retain our core players and try to strengthen our squad around them.
"I want to make it clear that Peter Odemwingie is not for sale and remains a key member of our squad.
"We have not received any offers for Peter and we have placed no valuation on his head.
"He has two years left to run on his current Albion contract and talks over a new deal are ongoing."
Odemwingie had a successful debut campaign in the English top-flight, making 32 appearances for West Brom.
Before moving to the West Midlands club last summer he had played for Lokomotiv Moscow, Lille and Belgian club Louviere.
He currently has nine goals to his name for the Nigerian national side in 53 appearances.