Celtic are set to lose out in the race to sign Ivan Toney after having a bid worth up to £3million rejected by Peterborough United, Football Insider can reveal.

Brentford have been pushing hard for the striker, 24, after his goal-drenched 2019-20 campaign but have yet to reach an agreement.

A recruitment source has told Football Insider that Celtic tried to rival Brentford, West Brom, Bournemouth and other clubs for Toney and the Scottish giants tabled an offer of £2.5m rising to £3m.

But that was knocked back by the English League One, who want £9-10m for their prize asset.

Celtic have now turned their attention to finalising a loan-to-buy move for West Ham striker Albian Ajeti.

They could sign the Switzerland international as early as today after he began a medical after agreeing personal terms on a deal worth up to £5.5m.

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Meanwhile, Brentford are set to submit a new bid for Toney after falling short with a £5m move last month.

As revealed by Football Insider last week, the London club are set to structure a fresh offer worth £8m including potential add-ons.

Toney has made up his mind to quit London Road after a stunning 26-goal campaign.

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

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 Celtic news, a Glasgow-born international has been tipped to sign for the Hoops after approach made.