Both clubs will be intent on winning the title in the coming season, while European success will also be on the list of objectives.
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New signings will be key to those aims, and both sides have already been active in the summer window.
Celtic snapped up key signings early, with the likes of Cameron Carter-Vickers and Jota penning personal deals, while Rangers added Tom Lawrence and Antonio Colak last week.
We could yet see further additions at Ibrox and Parkhead, and with that in mind, we have rounded up the transfer latest at both clubs.
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Reid latest
Celtic are said to have agreed a fee with St Mirren for the signing of young star Dylan Reid.
According to Football Scotland, a £125,000 offer has been accepted, and the deal will now come down to agreeing personal terms with the player.
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St Mirren boss Stephen Robinson told Sky Sports: “Obviously we are a club which has to develop players and has to sell.
“We believe Dylan is a highly rated young talent that we can develop here. We are a club which produces players, an academy system which does develop players. There are no fewer than six young kids training with us at the moment, Kieran Offord might get a game to start on Saturday.
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“He came on and did brilliant, and there are other kids in and around that. For me it is a very good club for young players to develop.
“Dylan and his advisers and his family have some decisions to make but I don’t think he needs to look too much further than here to develop.”
Very price tag
Celtic now know how much they will have to pay to sign Argentinos Juniors star Fausto Vera.
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According to Brazilian outlet Lance, the Bhoys will have to pay at least £5.5million to complete a deal.
And in a fresh blow, there is also talk of interest from Corinthians and Genk, with both clubs already having bids below £4million rejected.
Tillman links
Rangers are said to be considering a move for German youngster Malik Tillman.
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The Rangers Review claim the Gers are considering a number of targets, and Tillman is one of them, with the attacking midfielder being linked with a move away this summer.
The 20-year-old only has four senior appearances for Bayern Munich so far, and he has been tipped to leave in search of more regular first team football.