But Clarke admitted there is a buy-out clause in Olsson's contract which could be activated this summer by one of six clubs he has stipulated in his terms. Clarke claims Olsson is happy to remain with the Baggies - at least in the short term - after reports that he is keen to be based in London for family reasons.
The former Chelsea number two said he will not welcome any new bids for the 29-year-old player during the remainder of the current transfer window. Clarke said: "I can confirm a bid has been turned down and I don't encourage anymore bids because Jonas is not sale."
He added: "I have spoken to Jonas and he says he is loving the football here and is looking forward to the rest of the season. He will remain a West Brom player and we don't have to sell anyone. He is not for sale so there is no figure which is reasonable."
But when asked if there is a buy-out clause, Clarke said: "There is a clause in Jonas' contract which comes into play during the summer. There are six clubs that can invoke that."
The 29-year-old has been one of Albion's key performers since joining them four-and-a-half years ago. His form for the Baggies has also led to him becoming a regular for his country.
The bid for Olsson comes as no surprise as QPR manager Harry Redknapp has made no secret of his desire to strengthen his defence during the January transfer window.
The 35-year-old has been one of the Hoops' best players this season, but admits he is "playing on glass knees and glass ankles" and is hoping to negotiate an early exit from Loftus Road. Nelsen has now returned from Canada and trained with the west Londoners, with talks lined-up with manager Redknapp on his future.