The Nigerian international, who came close to joining Queens Park Rangers in January, is widely expected to leave The Hawthorns this summer.
However, Peace told the Birmingham Mail: "We have a player who is under contract until the end of the season. Unless something comes in to change our way of thinking he will be back in pre-season and we will deal with that.
"We took a view at the end of January - not only for the reasons of Peter Odemwingie, or QPR, or whichever agents were involved who acted disgracefully, but for the long term of this football club - that we have to behave a certain way.
"If we don't do that, they will all be knocking on the door. Unless we get an offer we're happy with we won't sell him."
Crystal Palace have been strongly linked with the forward in recent weeks.