Rangers have transfer advantage over Arsenal as Celtic 'target' £4m winger

Celtic are out of Europe for the rest of the season following last night's 2-0 UEFA Champion's League group stage defeat to Lazio in Rome.

Meanwhile, Rangers are preparing for their latest UEFA Europa League group stage fixture as Aris Limassol visit Ibrox on Thursday night. It will be the first of December when that match takes place meaning the January transfer window will be just one month away and plenty of rumours are doing the rounds in the gossip mill.

Celtic are apparently targeting a new winger and could look to make a £4 million move for a Portuguese star. Elsewhere, Rangers have an apparent transfer advantage over Arsenal in the race to sign a former Sunderland prospect. Here are the latest Celtic and Rangers transfer news headlines on Wednesday, November 29:

Celtic 'target' £4m winger

Per a report from The Telegraph, Celtic are interested in signing Portuguese winger Tiago Araújo at the start of the January transfer window. The 22-year old, who plays for Estoril in the Primeira Liga, has been deployed as both a left-back and left-sided midfielder.

His performances have apparently alerted the Scottish champions following his move from Benfica 18 months ago. The Hoops have apparently made an enquiry and could be willing to front up as much as £4 million to secure his signature.

Rangers have transfer advantage over Arsenal

Sticking with The Telegraph who claim that 17-year old forward Mason Cotcher has been training with Arsenal after leaving Sunderland. However, Rangers are also said to be interested in the England youth international and could have a slight advantage over the Gunners.

That's because, being a Scottish club, the Gers would have to pay considerably less compensation to Sunderland if they sign the attacker. Cotcher has apparently been training with the first team squad at Arsenal in recent weeks so it appears the Gunners rate him highly and money may not be an object.