Brentford are set to announce the signing of Peterborough United striker Ivan Toney on Monday after fending off Rangers, Celtic and multiple English clubs, Football Insider can reveal.

The Championship club have agreed the terms of a deal with the third-tier outfit worth up to £9million including add-ons.

Industry sources have told Football Insider that Toney has agreed the terms of a five-year contract that will see him land a big pay rise.

He has already put pen to paper and the final formalities are being completed this weekend ahead of Monday’s announcement.

Brentford upped their bid for the 24-year-old after initially offering £5m.

Celtic tabled a £3m bid that was knocked back by Peterborough while Rangers, Bournemouth, West Brom and the New York Red Bulls also held discussions over a deal.

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Toney had hoped to rejoin a Premier League club two years after his exit from Newcastle United.

But he has instead signed up to lead Brentford’s latest promotion push after they suffered play-off final heartache last month at the hands of Fulham.

Toney is in line to replace Ollie Watkins, who is wanted by multiple top-flight clubs including Aston Villa and Leeds United after his 26-goal 2019-20 campaign.

Toney was on fire before the March lockdown, netting 24 league goals – nine more than anyone else – among 26 in all competitions in 2019-20.

Since signing from Newcastle United in 2018, the front man has netted 49 goals in 94 matches as well as supplied 15 assists.

In other news, Rangers have been told during talks to pay £1million-plus fee for Premier League star earning £40,000-a-week.