Striker Odemwingie could have gone on to become a Baggies hero after netting 26 goals in his first two seasons for the club following his signing in 2010.
But he fell out with them spectacularly last season because of his conduct during a failed attempt to secure a move to QPR.
Odemwingie infamously drove to Loftus Road on transfer deadline day last January and gave an interview suggesting he was joining Rangers - even though no deal had been struck.
He featured only sporadically thereafter and further burnt his bridges at The Hawthorns by criticising the midlands club on Twitter.
He was sold to Cardiff in the summer but, as the Baggies struggle for goals this term, could come back to haunt the club as they travel to the Welsh capital this weekend.
Clarke said: "You always miss goals, it is no secret. The strikers this year haven't got enough goals for us.
"But in life you just have to deal with what happens and move on.
"There is always a reason why it happened and a reason why you move on. There is always something to look forward to.
"Life would be boring if it was the same all the time and everyone reacted the same way. I have no regrets about anything.
"Everybody has moved on. We have moved on, Peter has moved on."
Romelu Lukaku, who impressed on loan from Chelsea last season and is at Everton this term, is also being missed in the Baggies front line.
Youngster Saido Berahino has impressed but the senior strikers have been disappointing.
Shane Long has scored just three times and flagship summer signing Nicolas Anelka, although he has had time out for personal reasons and also been injured, is yet to open his account.
Another new arrival, Victor Anichebe, has struck only once.
Clarke said: "They are all trying their hardest to get on the scoresheet. You can't say they are not getting in the positions.
"It doesn't matter, whoever it is, we are not quite getting the goals we need.
"Hopefully in the coming weeks we will start to address that and get it right."
West Brom are anxious for results after winning just one of their last nine Barclays Premier League games and losing the past three in succession.
They are just two points above the bottom three and so the trip to Cardiff, who are a point behind them, carries some significance.
Clarke admits there can be no hiding from the fact his side could be facing a relegation fight if their results do not quickly improve.
He said: "You have to win games. It is an industry that says you have to win.
"Three defeats in a row, whether over a three-week period or whether they come in a week, it is still three defeats.
"The focus this week is making sure we get back to winning ways.
"It is too early to say it is a relegation dogfight or we are stuck down there, but at the moment you have to be realistic and say it would be nice to start winning a few games, and target the teams above us.
"We don't put our head under a pillow and not look at the situation. We understand the situation perfectly."