Craig Bellamy is keen on a return to Celtic, but a deal is still a long way off with the 31-year-old striker.
Neil Lennon would like to bring the Welsh international back to Glasgow six years after he left.
The striker is currently with Manchester City and is understood to be on about £90,000 per week.
Celtic would not be in a position to match his wages but are willing to negotiate to secure a deal satisfactory to both parties.
Bellamy would be a welcome signing for the Glasgow club's support, having scored seven goals in 12 appearances during his loan spell in 2005.
The former Celtic midfielder Morten Wieghorst, in Glasgow to promote Scotland's friendly against Denmark in August, insisted that a return to the Scottish Premier League would be good for Celtic and Bellamy.
"He's a fantastic player and he did very well at Celtic last time he was on loan," said Weighorst.
"He would be a very valuable player for Celtic.
"They do have a bit of money to spend. That would be a good move I think."
Celtic are still searching for a new striker after talks failed to secure the transfer of Israel 22-year-old Omer Damari from Maccabi Peta Tikva.
The Glasgow club have also been linked with Erik Huseklepp and Wieghorst said of the Norway striker presently with Bari: "He's a skillful player - he's got quick feet.
"He can take on players and he's got an eye for goal - I could see him doing well.
"He had a move to Italy, which was spoiled. He never played many games.
"I believe he's one of those foreigners you want in the Scottish game. He can make a difference on the ball."
Celtic were in talks with the representatives for the 26-year-old in January, but no fee could be agreed between the two clubs.
Lennon had hailed the qualities of Huseklepp, who has scored five times in 17 internationals, including against Scotland in 2009.
It is believed his Serie A club wanted about £2m for the player.