Rangers will only sign Peterborough striker Ivan Toney if Alfredo Morelos leaves Ibrox this summer, according to Alan Hutton.

The former Gers defender, speaking exclusively to Football Insider assistant editor Russell Edge, believes the 24-year-old has been targeted as a replacement for the Colombian this summer.

As revealed by Football Insider, Rangers and West Brom are leading the multi-club battle for the League One goal machine, with Glasgow rivals Celtic also named to in the hunt by Posh chief Barry Fry.

It is understood that Rangers believe Toney could be signed for around £5million despite Fry claiming suitors would have to pay three times that for his capture.

However, Hutton believes that is still a hefty fee for the Light Blues and that the Peterborough hotshot would only join if Morelos heads out the exit door.

Hutton told Football Insider: “It could only be a replacement because out with that, there’s no way they could afford him – they’re talking £15million at the moment.

“Even if we go to half that – £6-7million – that’s still massive money for Scottish football at any time. I presume a move like that would hinge on Morelos, whether he stays or he goes.

“He’s a great player, he’s scored a barrel-load of goals, he had a great season last season and it’s someone I think would fit Rangers. He plays with that enthusiasm for the game, he’s not scared of big crowds, he ticks all the boxes.

“Obviously the stumbling block is the fee – if Morelos goes and they get the money that they want for him, then possibly he’s the type of guy they would target but out with that, I can’t see Rangers paying that sort of money for a player.”

Toney is nine goals ahead of his closest rival in the League One top scorers’ table, with 24 strikes in 32 league appearances.

However, Peterborough’s season came to a premature end when clubs voted for the campaign to be cut short, with the Posh finishing just one point outside the play-offs.

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