Rangers have reportedly seen an £8million bid for Celtic target Fares Ghedjemis rejected by Frosinone.
The latest offer for Ghedjemis comes several days after the Serie A outfit turned down a £6m bid from Celtic.
According to Sky Sport Italy, Rangers submitted a proposal in the region of £8m/€10m, which falls some way short of Frosinone's valuation for the Algerian forward.
It's understood Frosinone, who secured an immediate return to Italy's top-flight last season by finishing second in Serie B, value Ghedjemis between €15m-€20m - exceeding the sum Celtic paid for Kasper Hogh and breaking the record fee Rangers paid for Tore André Flo in 2000.
Martin O'Neill revealed to the press last week that Celtic had renewed their interest in Ghedjemis after seeing a deal for the winger collapse in January.
Asked if he was aware that Ghedjemis was wanted by their Old Firm rivals, O'Neill replied: “I don’t know whether Rangers are trying to sign him. But we have a very strong interest in him.
“I don’t know how close we can get, but we are genuinely making good progress.”
Ghedjemis was one of the standout performers in Serie B last season as he netted 15 goals and registered three assists in Frosinone's promotion-winning campaign.
His domestic form earned the 23-year-old a maiden call-up to the Algerian national team and after scoring on his debut in a 7-0 friendly win against Guatemala, Ghedjemis was named in Vladimir Petković's final 26-man squad for the 2026 World Cup.
The former Le Havre youth product made just one appearance at the tournament as was introduced in the closing stages of Algeria's dramatic 3-3 draw with Austria in the group stages.
Ghedjemis is contracted to Frosinone until June 2028. His former club Rouen, who operate in the third tier of French football, possess a 10 per cent sell-on clause.
Celtic's ability to match Frosinone's expensive price tag will likely hinge on what happens to Alistair Johnston and Arne Engels, who are both the subject of big-money moves to Everton and West Ham respectively.
Rangers boss Derek McInnes is keen to see his attacking options refurbished following their tedious 1-1 draw with Dundee United and the Gers would like to add Ghedjemis alongside Daisuke Yokota, who is set to join the club from Hannover 96.
