The Baggies have been contacted about a possible deal for Forlan, who is eyeing a second crack at Premier League football following his unsuccessful stint at Manchester United.
But boss Tony Pulis is still considering whether to pursue an interest in the 35-year-old, who has also been offered to Hull and West Ham.
Forlan is currently playing for Japanese side Cerezo Osaka, but his contract expires in the summer and is believed to be available for loan until the end of the season.
Forlan struggled at Old Trafford but later enjoyed successful spells in Spain with Villarreal and then Atletico Madrid and has been a regular scorer for Uruguay.
Pulis had earmarked Ameobi as a possible recruit and had agreed a deal in principle for the former Newcastle striker to join the Baggies for the rest of the season.
But he had other targets to consider before activating that deal and reports last night suggested Ameobi had agreed to join former Newcastle boss Alan Pardew at Crystal Palace instead.
Pulis wants at least one more striker before Monday's transfer deadline and is also eyeing other wingers despite landing No.1 target Callum McManaman yesterday.
QPR's Matt Phillips and West Ham's Matt Jarvis have both been considered but neither deal appears likely.
The Baggies have also enquired about Swansea left-back Neil Taylor, with Jason Davidson out of favour despite starring for Australia in their current Asia Cup campaign.
And the Baggies still hope Darren Fletcher could choose them ahead of West Ham as they look to strengthen their midfield.
Liverpool striker Rickie Lambert is also still an option for Pulis as he struggles for game-time at Anfield.