Atalanta have come up with an improved bid for the Danish midfielder but the Bhoys rejected it quickly.
According to a report from Sky Sports, the Bhoys rejected an offer of £14.3 million initial fee, plus add-ons.
It is not clear whether Atalanta will come up with another offer, but they are in talks with Celtic at the moment to reach an agreement but the gap between the valuation is too high.
O’Riley is a key player for Celtic and the Hoops want a club-record fee if they are to sell him in the summer transfer window.
Celtic sold Jota to Saudi Pro League side Al Ittihad for £25 million last year and Kieran Tierney also moved to Arsenal in 2019 for a similar transfer fee.
The Bhoys rejected a fee in the north of £20 million for O’Riley from Atletico Madrid in the January window, and needless to say, Atalanta need to come close to Celtic’s valuation, or else they have no chance of signing him.
The Denmark international was in sensational form for Celtic last season, managing 19 goals and 18 assists in 49 appearances for Brendan Rodgers’ side. He helped the Bhoys win the Scottish Premiership and the Scottish Cup last season.
It won’t be easy for any new player to replicate those numbers if he is sold, and therefore Celtic must let him go if and only their valuation is met.
He has a contract at Celtic Park until 2027 and the Hoops are under no pressure to sell him this summer.
Celtic have been active in the summer window, and have signed two goalkeepers already. Viljami Sinisalo has joined from Aston Villa while former Leicester City keeper Kasper Schmeichel has signed a one-year deal with the Scottish champions.
He has previously worked with Rodgers at Leicester City and the pair are reunited again.
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