The 30-year-old Sweden international striker was a free transfer recruit last summer but endured a scoreless campaign of minimal impact.
Baggies chief Richard Garlick says: "It's been a frustrating period for him in terms of how it panned out last season.
"There is interest from Spain and Germany in him.
"I am in touch with his agent every week and he knows the situation. We know what we want from the negotiations too."