The Rams are willing to offload Vydra, who was top scorer in the Championship last season with 22 goals, to help ease their financial fair play troubles this summer.
He is expected to cost in the region of £11m and demand wages around £35,000-a-week.
The Baggies are keeping tabs on the Czech striker, who spent the 2013/14 season on loan at The Hawthorns, but are only willing to shell out so much should Rondon or Rodriguez leave.
Rondon has a £16.5m release clause that Newcastle are eyeing up and Rodriguez is wanted by hometown club Burnley.
It’s believed Rodriguez is keen to return to Turf Moor because of the prospect of playing European football with the club he supports, and Rondon would like to play in the Premier League.
However, unlike some of their team-mates, neither player has been agitating for a move behind the scenes and have both continued with pre-season as normal.
Vydra scored just three goals from 23 Premier League appearances during his loan spell at the Baggies five years ago but the 26-year-old striker has developed since then.
He bagged 16 goals for Watford in the Championship the season after that, and netted 22 times for Derby last season.
Derby are willing to cash in on Vydra this summer in order to raise funds for new manager Frank Lampard to spend on shaping his squad.
Rams chairman Mel Morris admitted: “It's impossible to spend at the level we have year after year after year. It's time to bring our house in order.”
Albion only have three recognised senior strikers in their squad, but it’s their backline that needs more urgent attention in the transfer window.
Swansea defender Kyle Bartley is expected to become an Albion player soon as the Baggies close in on a deal worth just over £3.5m for the 27-year-old centre-back.
Darren Moore has also confirmed the club have bids in for several other players, although they are not interested in Leeds defender Pontus Jansson.