Celtic have reportedly submitted a £3.5 million bid for Rangers transfer target Luis Palma, according to the Daily Mail.

The bid is set to be in the region of £3.5 million – for a player of Palma’s quality, not to mention one of such a young age, this seems like a pittance.

Rangers are looking to replace the outgoing Ryan Kent and the creative influence that he offered – bringing Palma to the club would be an excellent way to do this.

However, if they wish to do so, they will need to act fast. Celtic seem to be moving very quickly in terms of their pursuit of the player, as Brendan Rodgers looks to bolster his squad.

In a recent interview, Rodgers said: “We want good players, whatever age they are. We need quality, that’s for sure. Hopefully, between now and the end of the window, we can improve the squad.”

Can Rangers beat Celtic to the punch?

At this stage, if the Mail’s report is to be believed, it appears that Celtic are now leading the race to bring Palma on board. As things stand, Rangers have yet to put forth an official transfer offer for the player – which puts them a step behind the Hoops.

Moreover, Celtic and Rangers are not the only interested parties in the mix – clubs such as Stoke City, Watford and Manchester United have also been linked with a move for the Honduran.

How would Palma improve the Light Blues’ squad?

Palma is a creative, not to mention adaptable, attacking player – he can function on the left wing, as a striker or as an attacking midfielder.

These are all positions that Michael Beale likes to utilise in his setups – therefore, even if Palma is not a regular first team starter at the Ibrox Stadium, he will be able to provide quality strength in depth across three different positions.

Last season, Palma scored seven goals, alongside two assists in 20 league games for Aris Saloniki. Whether he can translate this into the Scottish Premiership remains to be seen – additionally, it is also unclear as to where he will end up.