The winger has struggled for first team football at The Hawthorns.
McManaman only joined the Baggies a year ago from Wigan Athletic but has failed to make a consistent impact in his time with the club.
He has played 23 games for West Brom in 2015 and failed to score a single goal.
That being said West Brom will be hoping for a sizeable return on their investment if they are to sell him this month. According to the BBC the Baggies splashed out around £4.75 million on the player when they signed him last January.
They have already signed Benik Afobe in a club record deal whilst Juan Manuel Iturbe has also joined the club from AS Roma on loan. Meanwhile Lewis Grabban returned to the club in a big money deal from Norwich City.