"At a board meeting today, after consultation with the manager Gary Megson, West Bromwich Albion has very reluctantly placed Jason Roberts on the transfer list," a statement on the club's official website said.
"This request comes at a time when player transfer valuations are depressed but the club refuses to be held to ransom.
"It will not accept a fee it feels is inappropriate.
"Jason has three years left on a contract he signed only last summer and the club has no desire or financial need to sell any of its players.
"The club, however, will not stand in Jason's way if an acceptable bid is forthcoming."