Albion will target QPR winger Matt Phillips if they sell Saido Berahino in the coming days.
The Baggies were thwarted in their attempts to bring Phillips to The Hawthorns last summer when negotiations over his £10million valuation hit stalemate.
Boss Tony Pulis remains an admirer, but knows he must sell in order to buy, meaning any move for Phillips is almost certainly dependent on Berahino leaving.
That in turn would require Albion receiving an offer which matches or comes close to chairman Jeremy Peace's £25million valuation of the striker.
With Peace also unwilling to leave any business too late in the window, it means time is rapidly running out for a deal to be done.
The chairman turned down four bids from Spurs in the summer, including two on deadline day.
In the case of Phillips, the Baggies found themselves on the opposite side of the equation after seeing an opening offer of £5million rejected.
Phillips, who can also play as a central striker, has scored five goals in the Championship this season.
Rangers boss Jimmy Floyd Hasselbaink said: "Do I want to lose Matt? No.
"But business is business."