Reports on Monday suggested Baggies manager Bryan Robson had flown back from his side's pre-season tour of Scotland, in order to conduct negotiations with the Nigerian.
However, Albion must first agree terms with Rangers before discussing a contract with the 25-year-old, who was also the subject of interest from Watford earlier in the summer.
Chairman Paladini has claimed the Black Country club must break the bank and meet a minimum fee release clause in the player's contract, otherwise Rangers will put the kibosh on a potential switch.
"It clearly states in Danny's contract that if someone comes in with that amount he can speak to them," Paladini told Sky Sports News.
"But if not he will stay as a QPR player."
Sky Sports