Rangers are confident that Ivan Toney can be prised from Peterborough United for around £5million this summer, Football Insider can reveal.

The English League One club’s sporting director Barry Fry has warned suitors they will need an eyewatering £15m to land the 24-year-old.

A recruitment source has told Football Insider that Toney’s suitors including Rangers believe £10m less than that will seal the deal for him.

As Football Insider revealed earlier this week, the two clubs currently leading the multiple-team fight for Toney are Rangers and West Brom.

Fry claimed Celtic are also interested in the goal machine after he was put for sale following their promotion heartache.

The level of Rangers’ interest in Toney and their willingness to push the boat out for a deal depends on the future of Alfredo Morelos.

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The club hierarchy currently believe it is more likely that the Colombia international will go than stay but it is a fluid situation and nothing is certain in what is expected to be a challenging market for high-priced deals.

Toney will not be as expensive as Morleos – whatever the colourful Fry says – as his prolific scoring has principally been in the English third tier.

In two seasons since signing from Newcastle United, he has banged in 49 goals in 94 Peterborough matches as well as provided 15 assists.

In the League One campaign that was curtailed last week, Toney scored 24 goals, a remarkable nine more than his closest rival.

In other Rangers news, the club are laying down detailed centre-forward signing plans that stretch beyond the Posh front man.