The latest transfer headlines from Rangers and Celtic as both sides turn their attention to the Scottish Cup

Premiership leaders Celtic will continue their defence of the Scottish Cup when they take on Championship side Raith Rovers in a fifth round clash at Parkhead.

The Hoops enter the match on top form after winning seven of their last nine matches across all competitions, with the most being a 6-0 demolition of Premiership strugglers Dundee.

Meanwhile, Raith Rovers, who are now on their third manager of the campaign in Barry Robson after Ian Murray and Neil Collins’ exit, are experiencing a very different campaign to the Hoops after flirting with promotion last term. The Stark's Park side are currently languishing in seventh place in the Championship and enter the game as firm underdogs after a disappointing 3-1 away defeat to strugglers Dunfermline.

Elsewhere, Rangers, who finished runners-up in the competition last year, are aiming to go one better in this year’s competitions. The Light Blues, who thrashed Ross County 4-0 last time out, are preparing for an all-Glasgow affair as they play host to Championship side Queen’s Park.

Both sides have their sights firmly set on silverware after a busy month of action in the transfer market. Ahead of a huge weekend of cup football, we take a look at the main headlines from Celtic and Rangers.

Celtic stalwart set for summer exit

Celtic decision to re-sign fan favourite Kieran Tierney in the summer is expected to pave the way for Greg Taylor’s departure to Dinamo Zabreg, but the deal will not happen until at least the summer in a welcome boost to Brendan Rodgers side.

Record Sport explains that Celtic, having already parted ways with Alex Valle, had been trying to fast-track Tierney's return from Arsenal before turning to Jeffrey Schlupp as a short-term alternative. However, when that didn't happen, they pulled the plug on any talks over Taylor leaving the club in the winter as they don’t want to lose him in the short-term.

Sportnet report that he had signed a pre-contract agreement and claimed that Dinamo had the option to trigger an undisclosed 'release clause' to make it happen now. But it's reported they've decided against that with Taylor now set to see out the final six months on his deal at Celtic before making the move in the summer.

Taylor joined Celtic from Kilmarnock in 2019 and has been a key figure over the last half a decade, picking up 10 honours and racking up more than 200 appearances across all competitions.

Rangers suffer late transfer blow

Rangers are believed to have made a late deadline day bid to sign former Manchester United prodigy Omari Forson - but were quickly dismissed in the eleventh hour by Italian side Monza.

Forson, 20, who spent time on the books at West Ham, Tottenham and the Red Devils as an academy player, made seven first team appearances for United last season before leaving the club on a free transfer over the summer.

The England Under-20 international had been offered an extension at Old Trafford, but chose to move onto pastures new with Monza, to link up with legendary Italian footballer and former manager Alessandro Nesta. However, Forson has struggled for first team minutes in Lombardy, with just five league appearances, prompting interest from Rangers who were willing to bring the player to Ibrox.

Record Sport claims Monza were unwilling to part ways with Forson due to the precarious position in the league table. They are currently bottom with two wins from 23 matches and are eight points adrift of safety as they target a dramatic turnaround. Rangers, however, are undeterred in their pursuit of Forson and are considering returning to the table with a fresh offer at the start of the summer window.