The striker, who sparked fury at Albion and amusement nationwide when he turned up at QPR in January, is desperate to go and has been linked with moves to Swansea, Hull and Crystal Palace.
However, Peace has told the Birmingham Mail that he has no intention of agreeing a departure unless it is right for West Brom.
Outcast: Peter Odemwingie, West Brom's wantaway
striker, faces another season on the sidelines after chairman Jeremy
Peace said he'd only sell him if the price was right
‘We have a player who is under contract until the end of the season,’ said Peace.
‘Unless something comes in to change our way of thinking he will be back in pre-season and we will deal with that.
‘We took a view at the end of January - not only for the reasons of Peter Odemwingie or Queens Park Rangers, also whichever agents were involved who acted disgracefully, but for the long term of this football club that we have to behave a certain way.
Benched: Odemwingie spent much of the second
half of the season on the bench after trying to force a move to QPR
during the January transfer window
The Russian-Nigerian reacted furiously to not being allowed to join QPR in January by launching a Twitter tirade at the club.
Fans were not impressed and neither was manager Steve Clarke, who fined the player.
Hilarious: Odemwingie memorably turned up at Loftus Road on transfer deadline day in an attempt to push a move through
Equally, Peace does not want his club to be seen as a soft touch and is prepared to stick to his principles unless a reasonable offer is made.
It means he is prepared to write off Odemwingie’s £40,000-a-week wages for a year.