No, they would enquire of the asking price, possibly put in an opening bid, and the club would let them know how much it would take to sell the player. A club with half-decent management sets the release clause far enough above a player's worth to ward off clubs, without making the player feel like he's locked into that club for the length of his deal.
Check out any of the big moves, the release clauses are well known while bidding is ongoing. Higuain for instance, I believe Arsenal and others tried to bid less than the release clause but were told they would have to meet the full release clause.