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Celtic have made just one signing so far this summer – Colombian striker Camilo Duran from Qarabag for an undisclosed fee.
They are short of centre-forward options ahead of the new season amid uncertainty over the future of Japan international Daizen Maeda, who is entering the final year of his contract.
Former Manchester City and Leicester City forward Iheanacho scored nine goals for Celtic last season, joining as a free agent after the summer transfer window closed.
He missed part of the season with a hamstring injury and started just two games since October.
However, Iheanacho – who joined from Sevilla in 2025 – came off the bench to score six goals as Celtic won their last nine games to complete a Scottish league and cup double.
