Solanke, 19, has refused to sign a new deal with Chelsea and looks destined to leave Stamford Bridge when his contract expires at the end of the season.
The England Under-21 international has played just 17 competitive games for the Blues and will exit the club in search of regular game time.
Express Sport understands this has put Celtic on red alert with Brendan Rodgers keen to bring Solanke to Scotland.
It is understood Celtic will be able to snap him up for as little as £400,000 due to cross-border rules on development fees.
Premier League outfit Liverpool are also still in the hunt for Solanke but they will have to pay around £8million, which plays into Celtic's hands and puts them in pole position.
It would be a similar deal to Moussa Dembele’s last summer when he joined Celtic from Fulham for £500,000.
Dembele has gone on to score 17 goals in his first season in Scotland and has been linked with moves back to England with a value of around £40m.
Solanke, meanwhile, is currently on international duty with England for this month's U-20 World Cup in South Korea.
Source: Daily Express
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