Brentford have reportedly placed a price tag believed to be in the region of £160m for Ivan Toney, who has been heavily linked with a move to Chelsea in the current transfer window.

The Brentford forward is set to make a comeback to professional football on January 17 after serving an eight-month suspension for involvement in betting-related offences.

Since joining Brentford in 2020, Toney has netted 63 goals in 111 appearances and earned his first cap for the England national team under Gareth Southgate.

Ahead of his return, the 27-year-old decided to change agents as he looks to secure a move away from the Gtech Community Stadium this month.

According to sports journalist Miguel Delaney, after attracting attention from several top clubs in the Premier League, Brentford now seem to be willing to sell the striker this month, but Chelsea, who are understood to be among the frontrunners to sign Toney, will need to fork out around £160m to acquire his services.

Mauricio Pochettino's side are expected to strengthen their attack in the transfer window, with Nicolas Jackson and Armando Broja failing to deliver goals with consistency this season.

However, Delaney adds that "Chelsea need to make considerable sales to meet Profit and Sustainability rules before even considering such an outlay, and it is believed that the race for Toney may actually become a race to see who can raise the necessary funds first."

After splurging £350m in the summer, the Blues will have to generate additional funds through player sales if they intend to secure more signings this month.

Among those who have been rumoured to possibly be moved on from West London this month are Ian Maatsen, Trevoh Chalobah and Conor Gallagher.

Maatsen has been linked with a move to Borussia Dortmund lately, while Chalobah has been in contact with Bayern Munich over a possible move to the Bundesliga, according to Florian Plettenberg.

Meanwhile, the Daily Mail have also reported that Arsenal are in the market for a new striker in January and have been keeping an eye on developments surrounding Toney in recent months.

However, like Chelsea, the Gunners are likely to struggle to get a deal finalised for the England international due to FFP constraints, according to Daily Mail reporter Sami Mokbel.

Mokbel writes, "Arsenal are very, very interested. But, it's expensive in January. Particularly when you consider Arsenal spent close to £200m in the summer on Declan Rice, Kai Havertz, Jurrien Timber and obviously they loaned David Raya, which will turn into a permanent deal."

Arsenal have also been heavily linked with a move for Aston Villa midfielder Douglas Luiz in recent weeks as they look to bolster their midfield in hopes of challenging for the Premier League title this season.

The Gunners suffered a 2-1 defeat away to Fulham on New Year's Eve, which saw them slip five points behind Liverpool and Villa at the top of the league standings.