Cruzeiro president Wagner Pires has dropped an update on the future of midfielder Giorgian de Arrascaeta amid the ongoing speculation linking him with Celtic. The 24-year-old featured in two games for Uruguay during the recent World Cup in Russia and his stock now appears to have risen with the Hoops holding a genuine interest in his services.

Speaking to reporters, Wagner admitted that the club may consider sanctioning the exit of Arrascaeta considering the club are only ‘average’ in terms of their financial stability. Nevertheless, he clarified that there has not been any approach for the Uruguay international and everything for now could be considered as speculation.

“If there’s a great opportunity that interests Arrascaeta and is also a good deal for Cruzeiro, we will look at that. We would never go against the will of the man. Of course,there’s going to be speculation – he’s a great player but so far it’s all just speculation We, like all Brazilian football, are experiencing financial difficulties. It is no secret to anyone. Speculations that this and that owe, there will always be. I believe that Cruzeiro, in relation to most clubs in Brazil, is average.”

The Brazilian league is presently at the midway stage with the conclusion only due to happen in December and Cruzeiro may be tempted to keep hold of the midfielder until then before sanctioning his exit. Regardless of this, Celtic may have to pay at least £5m for the player, given Cruzeiro spent nearly £3.5m to lure him from Defensor Sporting three years ago.

Meanwhile, Celtic have endured a rather quiet transfer window with Scott Bain being the only arrival on a free transfer from Dundee. Apart from him, Odsonne Edouard’s contract has been made permanent from Paris Saint-Germain but there has not been any other inward activity. The Hoops have expressed an interest in signing John McGinn from Hibernian but so far, they have not been able to reach an agreement over the transfer fee.