Frosinone Calcio has rejected Celtic FC’s bid for Algerian winger Farès Ghedjemis, choosing to keep the 23-year-old forward as the Italian club prioritizes its Serie A campaign.

A £300K investment turned bidding war

Ghedjemis joined Frosinone from French club Vannes for just €300,000 in January 2024. The forward proceeded to score 15 goals in the 2024-25 season, directly fueling Frosinone’s promotion from Serie B to Italy’s top flight. His market value has reportedly surged to approximately £8.6 million, a figure that has roughly doubled thanks to the bidding war between Celtic and their Glasgow rivals Rangers.

Back in January 2026, Celtic actually had a £6 million bid accepted by the Italian club. But Ghedjemis himself chose to stay at Frosinone. He also turned down reportedly lucrative offers from both Saudi Arabian and MLS clubs earlier in 2026.

The speculative premium

Ghedjemis has not featured in Frosinone’s pre-season friendlies, a signal that transfer uncertainty is affecting day-to-day operations.

Both Celtic and Rangers are now competing for the same player. The doubling of Ghedjemis’ estimated market value isn’t based on some dramatic improvement in his on-pitch statistics. It’s driven by competitive bidding pressure.

The 10% future sale percentage owed to Vannes from Ghedjemis’ original transfer adds another layer. Whatever Frosinone eventually sells the player for, his former French club gets a cut.

Market lessons from the pitch

Frosinone could have pocketed £6 million in January. By holding, they’ve watched the player’s estimated value climb past £8.6 million. Frosinone doesn’t need to sell: they just earned promotion to Serie A, and Ghedjemis was instrumental in that achievement, scoring 15 goals.