West Brom have claimed they have received no approach from Celtic regarding the vacant manager's job at Parkhead.
Mowbray has been installed as favourite with some bookmakers to replace Gordon Strachan as boss of the Premier League 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 - who will start the 2009-10 season in the Coca-Cola Championship following their recent relegation from the Barclays Premier League - today issued a statement claiming 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.''