The Sweden international has been linked with a £2million move to rivals Stoke when the January transfer window opens.
Potters chairman Peter Coates revealed the club's interest in signing the player, whose deal expires at the end of the season.
However, McLeish hopes the 25-year-old former Arsenal man will still be a Blues player at the start of February.
And the St Andrews club have been in touch with Stoke to warn them over their conduct.
The Scot said: "Peter maybe doesn't know the rules. We'll forgive him on this occasion. I'm sure he will have been aware of them by yesterday (Thursday).
"Julia Shelton, our club secretary, would be on to that. She has been in the game a long time."
Despite Larsson's agent making it clear Birmingham's opening offer wasn't good enough, McLeish is hopeful he will commit to a new deal, confirming a fresh offer is imminent.
"I think it's being prepared as we speak!" he added. "Then it will be up to Seb.
"We will have to see whether he accepts it or not, or if there is any further negotiation. We'd like to keep Seb. We don't like young guys like Seb walking away on free transfers.
"He's a good asset and he's had a good season so far.
"But he's got to put it to one side and concentrate on his game."
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