Berahino has been heavily linked with a move away from the Midlands club, who sacked head coach Alan Irvine on Monday.
The 21-year-old has scored eight goals in all competitions in what has so far been a disappointing campaign for West Brom and earned a call-up to the England senior squad in November.
West Brom sit 16th in the Premier League and appear set for a fight against relegation, but The Hawthorns outfit seem determined not to lose arguably their biggest asset despite talk of a huge offer from Liverpool.
A post on West Brom's official Twitter account read: Ok time to clear a few things up. One final time, this Berahino to @LFC story for £23m is and always has been an entire fabrication..."
The club also paid further tribute to Irvine, whose stint with West Brom lasted just six months.
A second tweet read: "A sombre day for staff at The Hawthorns because we have said farewell to a man of great class and dignity #bestwishesAlan."
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