The Baggies striker is a target for QPR who have already had one offer rejected - believed to be £2million.
But Garlick insists the Baggies will only allow players to leave on their terms.
He said: "Last summer there were supposedly players leaving but we kept hold of most of them.
"We don't have to sell any of our players. It's only on our terms.
"It's well documented about Peter. We had an offer and we don't intend to sell any of our players.
"When an offer comes in, we speak to the player out of courtesy. We've had that chat with Peter and he knows the situation."