The Baggies' vice-captain was the subject of a £5 million offer from the relegation-threatened side, with Harry Redknapp keen to bolster his defensive options, particularly after Ryan Nelsen was appointed the new manager of Toronto FC (though it remains unclear when the New Zealander will officially leave QPR).
Olsson signed a new four-year deal with West Brom in October, and Clarke revealed that the new terms afford six clubs a buy-out clause for the centre-back – but such a deal will not be possible during January.
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|11/1||Jonas Olsson is 11/1 with Paddy Power to score at anytime against Reading
"We had a bid from QPR for Jonas Olsson. We rejected it and we don't encourage any more offers from anyone," Clarke told reporters.
"I have spoken to Jonas and he says he is loving the football here, he is enjoying the position we are in, and he is looking forward to the rest of the season.
"He will remain a West Brom player and we don't have to sell anyone. He is not for sale, so there is no figure which is reasonable.
"There is a clause in Jonas' contract which comes into play during the summer. There are six clubs that can invoke that."