Speaking at his pre-Preston North End press conference on Friday, the R's boss told West London Sport McManaman has been a long-term target for his side.
However, Hasselbaink believes West Brom's valuation of the 25-year-old is too high.
"I think Callum will be too expensive for us," the Dutchman said. "He’s a player that we like. He’s a player we have been looking at for a long time, last year.
"But I think the asking price and all that kind of stuff from West Brom is way too high. The valuation is different to how we see it."
The two sides have already conducted business this summer, with another winger, Matt Phillips, making the switch from Loftus Road to the Hawthorns for a reported £5.5 million.
A potential swap deal was mooted in January, with the Telegraph reporting at the time that West Brom had placed a £7 million valuation on McManaman.
Though the Baggies' current stance is unclear, Rangers have taken a shrewd approach to their first summer of business under Hasselbaink, ridding themselves of a number of high earners in favour of cheaper alternatives.
In addition to Phillips, Leroy Fer was sold to Swansea City, while Rob Green and Junior Holiett were among those to depart at the end of their contracts.