Zoltan Gera has been offered a final 'take-it-or-leave-it' deal after reported interest from various clubs in signing the Hungarian international.
Although both chairman Jeremy Peace and Baggies boss Tony Mowbray have insisted that the club will not be held to ransom,
"After lengthy discussions, we made Zoltan what we regarded as a full and very attractive offer last October," Peace said.
"Zoltan decided not to take up that offer, which has remained on the table all season.
"We have since reviewed the terms of our offer to reflect the part he played in the club's promotion to the Barclays Premiership.
"We understand from his representative that Zoltan has received substantial offers from other clubs, but we have now tabled the best deal the club can make and we await his decision."
"Zoltan has been offered the best deal this club can offer him," the
"I'm a big believer in the equilibrium of the squad and we won't be breaking our pay structure for any player - not just Zoltan.
"We must be fair to the other players. For me, the team is the most important thing.
"But we have made it clear to Zoltan how much we would like him to stay. This is reflected in our contract offer.
"He is very much appreciated by everyone here and we really hope he stays.
"But if Zoltan decides to further his career elsewhere, good luck to him."