Celtic and Rangers are both keeping tabs on Peterborough striker Ivan Toney - but have been warned they'll have to cough up around £15million to land their target.

The impressive League One forward managed a haul of 26 goals in 39 appearances before the shutdown and has been touted with potential moves in the past to the Bundesliga and MLS.

Celts have previously been linked with Toney in the past but now Posh chairman Barry Fry claims Rangers boss Steven Gerrard is also interested in the player. But neither Glasgow outfit are likely to stand any chance of sealing a deal considering the price tag.

Fry told the Daily Mail: "I've had agents on telling me that Rangers and Celtic are very interested. But I haven't had any calls from either Rangers or Celtic, personally.

"If they have any sense, they'll pay us £15million to get him. If they haven't any sense at all, then I won't be hearing from them."

Toney is heading into the final year of his contract and, with Peterborough looking set to miss out on the play-offs following the COVID-19 outbreak, it is not yet known whether he will be willing to sign a new deal. That could see Celtic or Rangers potentially make a lower bid than the £15million asking price.

However it would also mean Posh would have to be willing to accept a lesser fee if they are hoping to cash-in on their hitman.