The Parkhead club have been ranked as the club with the 28th-highest transfer appreciation, of clubs whose total transfer spending and income since 2022 exceed €50 million.

The report, in the 557th CIES Football Observatory Weekly Newsletter, "presents the rankings of teams worldwide according to the appreciation or depreciation in value of non-academy players signed over the past five years".

The transfer valuation calculation considers "the balance between transfer fees paid and received for signings who have already been permanently released, and fees paid and current transfer values for those still owned by the club".

Celtic's appreciation has been calculated at €216m, which equates to £183m. It is broken down into €101m in players to leave the club and €115m of players under contract.

The soaring Celtic transfer ranking means the Glasgow club are listed ahead of the likes of Chelsea, Newcastle and Juventus.

Eintracht Frankfurt top the list at €527, or £446m, with Real Madrid and Paris Saint-Germain in second and third.

Rangers are the only other Scottish club to feature in the ranking, as they are the only other side above the €50m threshold.

They have been ranked as having a €96m transfer appreciation, or £81m - that is broken down into €1m in released players and €95 in owned players.

The difference between Celtic and Rangers in the transfer appreciation value is over £100m, from the £182.74m for Celtic to the £81.22m for the Ibrox side.