Mowbray is among the frontrunners to replace Gordon Strachan as boss of the SPL runners-up.
The former Bhoys player and ex-Hibernian boss has two years remaining of his current contract at The Hawthorns.
And, if a move back to Parkhead does materialise, it will cost Celtic considerably more in compensation than the £500,000 figure mentioned in reports.
However, West Brom - relegated to the Championship - issued a statement insisting Mowbray is still their man.
It read: "We have already made our position very clear on this situation and it has not changed.
"We have not received an approach from Celtic for Tony Mowbray - nor would we welcome one.
"Tony is under contract for the next two years and we fully expect him to remain as our manager."
Source: Team_Talk