Odemwingie could be forced to sit out the remaining 12 months on his contract if the club play hardball.
"We have a player who is under contract until the end of the season," Peace told the Birmingham Mail.
"Unless something comes in to change our way of thinking he will be back in pre-season and we will deal with that.
"We took a view at the end of January - not only for the reasons of Peter Odemwingie or Queens Park Rangers, also whichever agents were involved who acted disgracefully, but for the long term of this football club that we have to behave a certain way.
"If we don't do that they will all be knocking on the door. That said, unless we get an offer we're happy with we won't sell him."