Odemwingie is currently training with the reserves while the first-team squad are on a pre-season tour in Austria.
The club have told the Nigeria forward the figure does not meet the club's expectations and that they will not sell unless their valuation is met.
Odemwingie famously failed to engineer a transfer deadline day move to Queens Park Rangers in January despite driving to Loftus Road.
He made only infrequent appearances off the bench over the second half of the season after that, and had been linked with Crystal Palace, Hull City and Swansea.
However, the only confirmed bid has come from the Dubai and the 32-year-old remains in limbo after being told he does not figure in Steve Clarke's plans for the season.
Odemwingie's contract at the Hawthorns is due to expire next June.