Baggies boss Sam Allardyce has made it clear he is determined to sign a centre-forward before the transfer window closes on February 1.
Galatasaray striker Mbaye Diagne is another goal-scorer high on his shortlist.
But Seferovic is also a player the Baggies are keen on.
The Switzerland international has netted seven goals in 11 league outings for Benfica this season.
And the Portuguese side need to sell players this month.
Albion, though, only have the funds to sign a forward on loan with a view to a permanent transfer.
And that means, as it stands, a deal for Seferovic is unlikely despite the clubs continuing to hold talks.
Asked if any new signings are close, Allardyce said: "Not at the moment.
"We are considering all options – loans particularly, our funds are not big enough for permanent signings. It’s more loans which makes it more difficult.
"And you have got to look at does the player want to come and have a fight at this level?
"Does he want to come and try himself in the Premier League with a team that is struggling?
"Does he want to put himself in the shop window, does he want to help us get out of trouble?
"We will try our best to find that player. It’s not easy.
"And if there is anything in and around the Premier League - we have one domestic loan left - we will look at that as well to help improve us."