Reports on Thursday morning suggested that Odemwingie, who caused a transfer deadline day stir by driving to QPR uninvited in a bid to push through a move, could be loaned out to Holloway's npower Championship club until the end of the season.
The Eagles manager was asked about the rumours at a press conference ahead of tomorrow's game with Watford, and confirmed contact had been made with his chairman, Steve Parish, about the player but felt that a deal was far from being done.
"Someone contacted the chairman. I was asked if I would want him (Odemwingie). I said yes," Holloway said.
"I don't think he's a realistic target for us personally."
Press Association Sport understands Holloway is not optimistic about doing a deal as he feels other clubs may also be in for the player.
It is understood, however, that talks have taken place which could see Odemwingie head to Selhurst Park and then sign a permanent deal in the summer.
The Nigeria international looks to have no future at West Brom, with Baggies manager Steve Clarke describing his unauthorised drive to Loftus Road as "total lunacy" and chairman Jeremy Peace calling him "wholly unprofessional."