Steve Clarke will ask West Brom's chairman Jeremy Peace to fast track a contract offer for Saido Berahino, reports the Daily Mail.
Both Arsenal and Chelsea are thought to be interested in the player as both Arsene Wenger and Jose Mourinho are looking to shore up their attacking options in January.
Berahino has less than 12 months to run on his current contract and is currently on just £850 a week.
The 20-year-old can expect a significant pay rise in his next contract and Clarke is desperate to get a long-term deal signed as soon as possible.
Although willing to offer a deserved pay rise, West Brom officials are fearing that they will be priced out by both Arsenal and Chelsea, who have significantly more funds than the Baggies.
Berahino has been in inspirational form so far this season. After scoring a hat-trick against Newport County in the Capital One Cup, he scored the winner in a famous 2-1 away win at Manchester United.
Wenger has shown enthusiasm for recruiting the best of young British talent and has signed Carl Jenkinson, Alex Oxlade-Chamberlain and Theo Walcott in recent years.
Chelsea on the other hand, are ready to offer West Brom as much as £5m to make sure the striker heads to Stamford Bridge.
A move to the Blues for Berahino would represent to second time Chelsea have raided the Hawthorns in recent months after Isaiah Brown made the move to west London.