But the Baggies are monitoring Dinamo Zagreb winger Mislav Orsic, with Slaven Bilic believed to be an admirer of the Croatian international.
Gayle netted 24 goals in 41 appearances during a successful loan spell at The Hawthorns last season.
The 29-year-old is hugely popular with the club’s fans and is a player Albion would be interested in signing at the right fee.
But it is believed they and a host of other clubs have been put off by what Newcastle are demanding for the forward. The Magpies are willing to allow Gayle to leave on loan without the club he joins needing to pay a loan fee.
But they want Gayle’s £60,000-a-week wages to be paid in full. They also want an obligation in place where the club then has to buy Gayle for £20million if they win promotion to the Premier League.
Albion have money to spend this month. But they believe Newcastle are demanding too much for the striker, especially as he has next to no re-sale value.
They would, however, be interested in a loan with no obligation to buy – with Newcastle likely to lower their demands the longer the window goes on.
Speaking after Newcastle’s 1-1 draw with Wolves – a match that saw Gayle pick up a hamstring injury – manager Steve Bruce insisted the forward was not for sale.
But it is understood the Premier League side have made it clear to Gayle’s suitors the terms at which he is available. Reports in the national press – claiming the forward has a price tag of £8million are incorrect.
Orsic, meanwhile, is another player Albion are monitoring with the 27-year-old having scored 19 goals for Dinamo this season. The winger is believed to be valued at around £10m. But reports from Croatia suggesting Albion have agreed a fee with Zagreb are premature – with the Baggies yet to make a bid despite having an interest in the player.
Another striker who has drawn the attention of the Baggies hierarchy is Charlton’s Lyle Taylor.
The former AFC Wimbledon man is out of contract in the summer and has turned down a new deal to remain at The Valley. But while Albion like the player, he is not at the top of their shopping list – with Taylor likely to go elsewhere this window.
One player the club are taking an extended look at, though, is left-back Martin Olsson.
The Swedish international is a free agent having left Swansea last summer and has been invited to spend a week training with Bilic’s side.
With Kieran Gibbs enduring an injury blighted campaign, the head coch is considering adding extra cover at left-back – with Olsson an option.
Albion though are wary the full-back has not played competitive football this season.