The 31-year-old will be forced to watch from the sidelines for the next three games, having being dismissed during his side's 3-0 defeat at Craven Cottage for kicking out at Sascha Riether.
Odemwingie begins his ban on Saturday when his side take on Reading, but Baggies manager Clarke believes he has sufficient reinforcements in his squad.
"He [Romelu Lukaku] could come into the picture," he told The Express & Star.
"He's been in my thoughts since the minute he came into the club."But I've said before that I've been delighted with Shane Long and the decision to take him off at Fulham was purely tactical.
"We couldn't get enough support to him in the first half and then when we went down to 10 men we needed a different type of forward in Romelu.
"And I've got Markus Rosenberg chomping at the bit, so I've got plenty to chew over before the weekend.
"Peter is out for three games and I'll concentrate on those we have available. I will decide on the best team to play against Reading.
"Peter is suspended so there is an opportunity for someone."