Albion have had success in the loan market in recent years, borrowing last season's top scorer Romelu Lukaku from Chelsea and taking goalkeeper Ben Foster on loan from Birmingham 12 months before he signed permanently.
And chairman Jeremy Peace is keen to go down the same road this summer.
He told the club website: "Being creative in the transfer market is always a good thing. We'll try to be creative on deals and think outside the box. It's about making our resources go a lot further.
"For example, Ben Foster was a good transfer. We loaned him from Birmingham City and, having worked with him for a year, signed him permanently on terms which we believed were attractive to us.
"The one thing we are going to try to do this year, if we possibly can, is take two Premier League loans."
Lukaku has now returned to Chelsea, and strengthening the forward line is a priority for the club's sporting and technical director Richard Garlick.
He said: "We're looking for certain types of player to fit in and work within our style. For example, there are plenty of strikers and wingers out there who we could take but they won't all fit our style of play.
"We know the system we've got and have been working hard to identify which players we want to bring in.
"We've done a lot of groundwork for this transfer window and we're certainly not panicking because we haven't brought in any signings at this early stage. June is traditionally a quiet month in terms of transfer movement.
"But we're well prepared for the summer ahead in terms of player recruitment and have lots of plates spinning."