The Baggies striker is a target for Queens Park Rangers who have already had one offer, believed to be £2million, rejected by their Premier League rivals.
But Garlick insists West Brom have no need to sell any of their squad, and it will require substantial offers for the club to change their stance.
"Last summer there were supposedly players leaving but we kept hold of most of them," Garlick said. "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 rejected a £5m bid, also from QPR, for defender Jonas Olsson, who only signed a new four-year contract in October.
And Garlick admits he does not expect any new players to arrive at the Hawthorns before the transfer window closes on January 31.
"We're happy with the squad we've got and there are no immediate plans to bring anyone in," Garlick added.
"If an opportunity presents itself, then we will look at that, but we're looking more towards the summer."