The 30-year-old joined the club from Werder Bremen in the summer, but has struggled to establish himself in Steve Clarke's side.
It had been reported that the Sweden international would be allowed to leave the Hawthorns on loan this month, but Martin Dahlin revealed that the Baggies have turned down approaches.
"It's correct. Some clubs have enquired about him. I am not surprised since he has previously had good seasons in both Germany and Spain," he told Kvaellsposten.
"That means that he is in consideration for a place in the starting XI for his current club. He has been unlucky and has seen playing time limited since he joined West Brom when the season had almost started."
Villarreal are understood to be keen to sign the experienced forward.