The Baggies are on the hunt for a traditional centre-forward before the transfer window closes on August 31.
And Orlando City's Dike and Man City youngster Delap are two of the names under consideration.
Dike is well known to boss Valerien Ismael with the manager having signed him on loan for Barnsley last season.
During his time at Oakwell, the 21-year-old scored nine goals in 19 appearances.
Barnsley were priced out of signing Dike on a permanent basis despite having an option to do so at the end of last season.
And it is understood Orlando could be tempted to send the American out on loan again – albeit with a significant loan fee.
Another player on Albion's shortlist is Delap who is wanted by a large number of Championship clubs on loan.
One of the hottest prospects in English football, Delap scored 27 goals in 24 Premier League 2 outings for Man City's under-23s last season.
A host of Championship managers have gone on record to say they want to sign Delap this summer.
Stoke's Michael O'Neill, Derby's Wayne Rooney and Millwall's Gary Rowett have all confirmed their interest in the 18-year-old. But the Express & Star understands Albion are also in the running.
With so many clubs interested in signing Delap, it is likely the youngster will wait until the end of the transfer window before deciding who to join.
Albion's need for an out-and-out centre-forward, though, will be appealing to the teenager.
Stoke could also be an option with Rory Delap – Liam's dad – on the coaching staff at the Bet365 Stadium.
Delap may also fancy a return to Derby, the club where he began his career.