The Nigerian's future at The Hawthorns is in doubt after a move to Queens Park Rangers during the transfer window failed to materialise, and it was reported earlier on Thursday that Palace could be interested in a loan move.
However, while Holloway admits that he would not turn down an opportunity to sign the 31-year-old, he believes that the prospect of Odemwingie arriving at Selhurst Park is 'unrealistic'.
Holloway told reporters: "Someone contacted the chairman. I was asked if I would want [Odemwingie]. I said yes.
"I don't think he's a realistic target for us personally."
Odemwingie has scored five goals for the Baggies this season.