The likes of Arsenal and Chelsea have been mooted as potential suitors for the Nigeria international following a fine debut campaign in the Barclays Premier League.
Odemwingie signed for the Baggies from Lokomotiv Moscow last summer and went on to score 15 goals in all competitions
His displays have led to speculation that he could be targeted this summer, but West Brom have no plans to sell, instead opening talks over a new deal for the player.
Technical director Dan Ashworth told the club's official website: "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."
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