West Brom confirm Mowbray approach

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Speculation has been rife the former Hibernian boss was the man Celtic wanted to replace Gordon Strachan but the Baggies had previously denied there had been any contact.

However, Peace said: "After two weeks of speculation, I have finally received a call from the Celtic chief executive, Peter Lawwell, requesting permission to speak to Tony."

He added: "I made it absolutely clear that Celtic's approach was not welcome because we have an ongoing project at Albion in which Tony is an integral part."

Mowbray has a compensation clause in his contract which is believed to be in the region of £2million.

Swansea revealed last week Celtic had made an approach for manager Roberto Martinez but he is poised to complete a move to Wigan this week.

A return to the Scottish Premier League is likely to be attractive to Mowbray following Albion's relegation back to the Coca-Cola Championship last month.

However, Peace, who confirmed there is a compensation clause in Mowbray's contract, believes the former defender has unfinished business at The Hawthorns.

He continued: "Tony's style of play is a key factor in that project and the supporters have very much bought into it, as everyone saw by the terrific reception the fans gave Tony and the players after our final home game against Liverpool.

"It is also reflected by the fact we have already sold more than 16,000 season tickets for 2009/10."