The 31-year-old Nigerian has arrived at Loftus Road in the hope of completing a move to the London club.
However, Albion insist they have yet to agree a fee for Odemwingie and the clubs will have to move fast if an agreement is to be reached before 11pm.
A West Brom statement read: "Albion have moved to clarify developments regarding Peter Odemwingie after the striker was filmed a short while ago arriving at Loftus Road.
"The club can confirm they have held further discussions with QPR today but those talks have so far proven fruitless and no agreement has been reached.
"Albion would also like to make clear that Peter has not been given permission to speak to QPR about a potential move."
Odemwingie had earlier told Sky Sports News: "Of course I love West Brom and I always will. But I'm very optimistic that I will join QPR, it's a new chapter in my life.
"I am optimistic. A few good players have arrived here (at QPR) and I am happy with the trust Harry Redknapp has in me.
"The last few results have given us a chance to stay up. I don't think the owners will bring in so many players if they don't think it will happen.
"It's not 100 per cent (the deal), it's not sorted yet but I hope West Brom will be happy with what they get. And of course they are hoping to get players themselves. I just hope things will go well in the next few hours."