Celtic and Rangers face potential eight-figure transfer fee in battle to sign Fares Ghedjemis

Both sides of the Old Firm have tabled bids for Ghedjemis, believed to be in the region of £6-8 million, but Frosinone have informed them that those figures are short of their valuation.

Sources in Italy suggest that Frosinone are holding out for more than £10m for Ghedjemis, who netted 15 goals last season en route to I Canarini gaining Serie A promotion.

Ghedjemis’ form earned him a place in Algeria’s World Cup squad and he came on as a late substitute during the 3-3 draw with Austria.

With Ghedjemis under contract until the summer of 2028, Frosinone believe they are in strong bargaining position and do not want to let him leave unless suitable funds can be recouped to strengthen their case for staying in Italy’s top flight.

Celtic tried to sign Ghedjemis during the winter transfer but failed to land the 23-year-old. The Premiership champions rekindled their interest last month, with manager Martin O’Neill admitting that the former Rouen and Vannes man is a player he wants to have in his squad.

“We have a very strong interest in him,” said O’Neill last week. “I don’t know how close we can get, but we are genuinely making good progress.”

Celtic and Rangers are both in the market for wingers, with O’Neill and his counterpart Derek McInnes informing recruitment chiefs of their desire to reinforce options in that area of the pitch. The Ibrox side are closing in on the arrival of Hannover wide man Daisuke Yokota for nearly £3m, with the club hoping to have him involved in Thursday’s Europa League tie against Jagellonia Bialystock.

Celtic are also facing a race against the clock, with O’Neill wanting new faces in before their Champions League play-off clash with LASK on August 20.

Frosinone have made potential suitors aware of their stance on Ghedjemis and it remains to be seen whether there is an appetite from either side of the Glasgow divide to increase their offers.

Celtic have already spent £11m on striker Kasper Hogh and £6m on forward Camilo Duran, while Rangers have made eight signings so far with an outlay of over £10m.