Peterborough are hopeful a bidding war for Rangers, Celtic and West Brom target Ivan Toney can secure a fee worth up to £8million, Football Insider understands.

The League One club are cashing in on their prize asset this summer and extensive interest has given them hope of a bumper deal.

A recruitment source has told Football Insider that Posh are holding out for an initial £5m price that could soar to £8m with add-on costs.

The third-tier side know it will require an auction and Premier League interest to get close to the £10m mark, even including top-up fees.

Rangers and West Brom were leading the race among British clubs for the centre-forward but talk of Brighton interest could ramp up the fee.

New York Red Bulls have also tabled a bid of £4million for Toney that Posh director of football Barry Fry revealed was turned down flat.

He has previously claimed the League One club want £15m for the player who comfortably topped the division’s goal charts this season.

As for Toney himself, he wants to play at a higher level as he eyes the biggest move of his career.

Rangers and Celtic would not be in a position to make a move for Toney until they know for sure what is happening to their own star strikers Alfredo Morelos and Odsonne Edouard.

The Ibrox 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 has just completed the best season of his career, netting 24 league goals – nine more than anyone else – among 26 in all competitions before the League One season ended prematurely.

In two seasons since joining Peterborough from Newcastle United, Toney has scored 49 goals in 94 matches as well as provided 15 assists.

In other Rangers news, a journalist has waxed lyrical to Football Insider as the club finalise “outstanding” new signing.

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