The Baggies have been linked with the forward on a number of occasions and may finally make their move this summer as it seems certain he will leave his current employers.
Toivonen is currently on international duty but the versatile forward has revealed he has been told he will train with the PSV reserve side in pre-season after refusing to sign a new deal.
It would seem as if there is no way back for the 26-year-old with PSV as the player admits he is disappointed by the way he has been treated by the Dutch side.
He said: "On July 1 I will go to the B team to train. I do not intend to sign a new contract so I will be on the B-side team.
"I feel it's poor respect from the club. I have already signed a contract with them and extended it once. So yes, I think it's poor respect."
It has been suggested that PSV hope to recoup the £3.75million they paid Malmo for Toivonen's services in 2009 but the Dutch side will probably have to accept a loss on the striker as he has entered the final year of his deal.
Baggies boss Steve Clarke is on the look-out for additions in attack this summer as it appears unlikely that Romelu Lukaku will rejoin the club on loan from Chelsea, while Peter Odemwingie is expected to leave.