Arsenal and Chelsea could reportedly land in-demand Brentford striker for around £65m in the January transfer window.
Despite being slapped with an eight-month suspension in May for a multitude of betting breaches, the England international is set to be one of the hottest properties on the winter market.
Prior to his ban, Toney had come up with 32 goals in 68 top-flight games for Brentford, helping the Bees to establish themselves as a top-half Premier League side.
The 27-year-old found the mark 20 times in 33 top-flight matches last term, finishing third in the Golden Boot race behind Erling Haaland (36) and Harry Kane (30).
Toney's suspension will not be lifted until January, but after serving half of his eight-month sanction, the Englishman was given the green light to begin training with Thomas Frank's team ahead of his return to competitive action.
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Toney's deal at the Gtech Community Stadium runs until the summer of 2025, but Bees head coach Frank has conceded that he would be powerless to prevent the striker from leaving for the right price.
Brentford were believed to be holding out for around £80m to offload the former Newcastle United and Peterborough United man, who is thought to be at the centre of a two-way tussle involving Arsenal and Chelsea.
Now, transfer expert Fabrizio Romano - via The Sun - has stated that the Bees are now willing to lower their demands to £65m, given that Toney will enter the final year of his contract in 2024.
The striker is believed to be open to seeking pastures new next year, and Arsenal would be able to offer him the chance to play Champions League football, assuming that the Gunners qualify for the knockout rounds.
The Gunners currently have Gabriel Jesus and Eddie Nketiah vying for starts at the tip of the attack after selling Folarin Balogun to Monaco, but the former has now suffered yet another fitness setback, picking up a hamstring problem in the Champions League.
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Jesus - who has also undergone two knee operations since joining Arsenal last year - is said to have had a scan on his issue on Thursday, and Mikel Arteta should deliver an update on the Brazilian in Friday afternoon's press conference.
In contrast, Chelsea cannot entice Toney with any form of European competition, but the Blues may be better placed financially to strike a deal with Brentford, despite their significant summer outlay.
All of Nicolas Jackson, Deivid Washington and Christopher Nkunku touched down in West London this summer, although the latter is still out with a knee injury and has not yet made his competitive debut.
With Jackson also boasting just two Premier League goals and five yellow cards, Mauricio Pochettino would welcome further attacking reinforcements in the winter, and the Blues are also believes to be keeping tabs on Victor Osimhen's situation at Napoli.
However, with the Nigeria international facing up to a month out with a hamstring injury, Chelsea will supposedly prioritise their pursuit of Toney when the window reopens.
