The 23 year old winger has been subject to two offers from the Baggies, the latest valued at around £4.5 million.
The Latics are keen to hold out for upwards of £5 million for McManaman who was man of the match in the FA Cup Final two years ago.
McManaman is under contract with the club until the summer of 2017 and Malky Mackay is keen to see the winger remain with the club.
He did however reveal that the decision will be made "at board level" should a sufficiently attractive offer be received.