The winger has struggled to make an impression for the Premier League side this season.
The 25-year-old was Tony Pulis' first signing when he took over at the Baggies, but he has struggled to make any kind of impact this season so could be about to follow the likes of Stephane Sessegnon and Victor Anichebe out of the door in the coming months.
McManaman has made 12 appearances in the Premier League this term, but has started just two times and has failed to score a single goal while only contributing one assist.
Nevertheless, the Express and Star reports that West Brom are hoping to make a small profit on the £4.75m that they spent signing him from Wigan in 2015, and thus, will look for around £5m.
With the winger doing little to suggest that he could make a considerable impact at the highest level, the Baggies are arguably being optimistic if they hope to receive so much for the player.
However, another manager may look at the impact that he made at Wigan, where he most notably put in a man of the match display against Manchester City in the FA Cup final, and believe that he has the potential to be a good option if used correctly.