The Baggies striker is a target for QPR who have already had one offer rejected - believed to be £2million.
But West Brom's new sporting and technical director, Richard Garlick, insists the Baggies will only allow players to leave on their terms.
He said: "Last summer there were supposedly players leaving but we kept hold of most of them.
"We don't have to sell any of our players. It's only on our terms.
"It's well documented about Peter. We had an offer and we don't intend to sell any of our players.
"When an offer comes in, we speak to the player out of courtesy. We've had that chat with Peter and he knows the situation."
Albion also rejected a £5m bid from Rangers for defender Jonas Olsson who only signed a new four year contract in October.
Garlick does not expect West Brom to sign any players before the transfer window closes a week today.
He said: "We're happy with the squad we've got and there are no immediate plans to bring anyone in.
"If an opportunity presents itself, then we will look at that, but we're looking more towards the summer."
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