Light Blues boss Steven Gerrard will be identifying targets to strengthen their bid of securing back-to-back Premiership titles, while Hoops manager Ange Postecoglou will look to add further quality to his squad as they try to close the gap on the league leaders.
Celtic currently have SIX first-team players in the final year of their contract, while the Gers have up to NINE players that they risk losing on a free transfer in January.
Glasgow World takes a closer look at which players are in the final year of their contracts:
ANTHONY RALSTON - Defender
Many Celtic supporters will have expected him to leave as he struggled for game-time last season but has enjoyed a resurgence under new manager Ange Postecoglou this term and has been tipped for a call-up to the Scotland squad. Has grasped his opportunity and should have done enough to merit a new contract.
LEIGH GRIFFITHS - Striker
His Parkhead career looks to be over. The former Scotland striker has had a lot of off-field problems to contend with in recent years and his fitness suffered as a result. Loaned out to fellow Scottish Premiership side Dundee but has struggled in front of goal and was recently charged for kicking a pyrotechnic into a stand housing St Johnstone supporters.
EWAN HENDERSON - Midfielder
Made his Hoops debut under Brendan Rodgers a couple of seasons ago but has failed to make the step up. Has since spent time out on loan to Ross County and Dunfermline and has features on the among the substitutes on occasions under Postecoglou this season. Still has at least four players ahead of him in the pecking order for a midfield berth and could head for the exit door in search of more regular game-time elsewhere.
KERR McINROY - Midfielder
Was one of several youngsters to be given game-time during pre-season and was recently loaned out to League One Airdrieonians. Played 22 games for Dunfermline last term but has been plagued by injuries in the past. Unlikely to stick around beyond the summer.
KARAMOKO DEMBELE - Midfielder
Burst on to the first-team scene in 2019 and became the youngest ever footballer to play for a Scottish team in Europe when he came off the bench during a 2-0 defeat to CFR Cluj. Has rarely featured since then and sustained an ankle injury during pre-season which has kept him on the side lines. It remains unclear where his future lies and Celtic could be resigned to losing him.
ROSS DOOHAN - Goalkeeper
Currently gaining regular action on loan at Tranmere Rovers but remains down the pecking order at Celtic. A capable shot-stopper but his futures could well lie away from Parkhead.
ALLAN McGREGOR - Goalkeeper
The veteran goalkeeper will turn 40 in January and many people would have expected last season’s title-winning season to be his last, but McGregor was handed a new one-year-deal which he had ‘no hesitation’ in signing. Many will predict him to hang up his gloves at the end of the campaign.
CONNOR GOLDSON - Defender
Many would argue he was Rangers most important player during their unbeaten domestic season last term. Has been locked in contract talks for months now but they appear to have stalled. Will no doubt continue to attract attention from clubs South of the border and manager Steven Gerrard will be eager to retain the centre-back.
JON McLAUGHLIN - Goalkeeper
Has proved to be an outstanding deputy to McGregor in recent years and will be expected to take over the No.1 spot. The Scotland international has featured four time this season and was praised for his performance during the Gers 1-0 win over Dundee last month.
STEVEN DAVIS - Midfielder
Now entering the twilight years of his career at the age of 36, the Northern Ireland midfielder admitted he has no plans to retire. Gerrard has confirmed his game-time will be reduced due to a busy international schedule and is likely to be kept for important European and domestic games. With the arrival of John Lundstram during the summer and Ryan Jack set to return from a long injury lay-off, Davis is likely to sign another one-year rolling contract.
SCOTT ARFIELD - Midfielder
The Canadian international has struggled to nail down a regular starting place so far this season but is another player who has rarely let his manager down in the past. He has scored 29 goals in 148 games for the Light Blues and supporters will be hopeful he stays at Ibrox.
LEON BALOGUN - Defender
Versatile defender who has played at right-back and both sides of centre-half already this season. The long-term injury to Filip Helander will ensure he continues to gain valuable game-time. Fairly reliable and now performing well on the international stage. Likely he will be offered a contract extension.
BRANDON BARKER - Midfielder
Destined to leave Rangers at the end of the season. Spent time on loan at English League One outfit Oxford United last term but is clearly out of favour and unlikely to play much part over the coming months.
ANDY FIRTH - Goalkeeper
Well down the pecking order and has barely been included in Steven Gerrard’s matchday squad since making his debut away to Kilmarnock in 2019. With Robby McCrorie and Jon McLaughlin also battling for the gloves, Firth is likely to be third-choice keeper next season or could depart Ibrox.
JERMAINE DEFOE - Striker
Set to move into a coaching role at the club once his playing contract expires next summer.