Brendan Rodgers would be allowed to leave Celtic for Arsenal, the club's majority shareholder Dermot Desmond has confirmed.
Rodgers is reportedly among the leading candidates to take over at Arsenal after veteran French manager Arsene Wenger said on Friday he will leave at the end of the season.
The former Liverpool boss has regularly knocked back speculation linking him with a return to the Premier League.
But Desmond indicated Celtic would be open to allowing Rodgers to take over at Emirates Stadium if the 45-year-old was to be approached.
"I'm glad he's the favourite [with bookmakers]. He's an outstanding person," Desmond told Sky Sports.
"We wouldn't want him to leave but we won't force him to stay. Hopefully his love for the club and the set up here will induce him to stay at the club.
"I don't think you can put handcuffs on anybody if they want to go to a club as good as Arsenal. It will be Brendan's decision and his decision only."
Former club captain Patrick Vieira and Germany coach Joachim Low are among the other names reportedly in the frame for the Gunners job.
Wenger named New York City FC coach Vieira, who won three Premier League titles at Arsenal, as a potential successor at a news conference on Thursday.
Speaking to reporters prior to Wenger's announcement, Rodgers intimated he is not seeking to leave Celtic, where he won a domestic treble last season, a feat he could repeat this term.
"There's still a lot of work for me to do and achieve on and off the pitch," said Rodgers. "But you can only do that if you're happy, and I couldn't be happier at this club and the support I get from the board.
"It's all very aligned and very clear and that allows me to work in confidence and it gives the stability to the team, the staff and everyone, and we can all move forward."
|I love the guy - Pocock backs under-pressure Cheika|
|Fit-again Ozil in line for Arsenal return against Qarabag|
|Raheem Sterling named Premier League Player of the Month|
|Two more Ligue 1 games postponed due to unrest|
|Pace attack among India´s best ever - Arun|
|Premier League has fostered ´excessive aggression´ among fans, says Scudamore|
|Sharks back Flanagan amid NRL investigation|
|Not good for my recovery! Hoddle delights in Spurs´ Champions League heroics|
|Harris backing Starc to fire in Perth|
|No fears over Atleti´s second-place finish for Simeone|
|Clippers buckled under Raptors pressure - Rivers|
|Icardi: Inter deserved to qualify|
|Team Sky future unclear as Sky opt to end involvement in cycling|
|PSG had to change mentality - Thiago Silva|
|Rockets make change, pick up win over Trail Blazers|
|Everything´s easier when you´ve got Messi – Miranda|
|From George Cross to Arsenal – Montemurro´s rise to make Gunners great again|
|Koulibaly challenges Napoli to win Europa League|
|Raptors star Leonard out against Clippers, may miss matchup with Warriors|
|Butler opens up about heated Timberwolves practice|
|Spurs achieved ´mission impossible´, says Pochettino|
|Dembele stunner pleases Barca boss Valverde|
|Van Dijk lauds ´fantastic´ Alisson|
|Van Dijk´s tackle on Mertens worthy of red card – Ancelotti|
|Klopp ´would have paid double´ for Alisson|
|Klopp: I don´t care about Madrid revenge mission|
|Tension and anxiety got to Inter, laments Spalletti|
|Tuchel hails magnificent PSG as Red Star win seals last-16 spot|
|Mbappe admits frank discussions inspired PSG´s Champions League progress|
|Klopp: Napoli had no answers to outstanding Liverpool|
|Pochettino proud of ´massive, massive achievement´ for Spurs|
|Barcelona equal Champions League record|
|Composed and controlled Liverpool see off Napoli to progress|
|Tenerife back to winning ways, AEK beat Hapoel|
|Howedes ´hurt´ after emotional Schalke return ends in defeat|
|Kane ´buzzing´ over ´not bad´ draw at Barcelona|
|Robertson hails Alisson´s ´unbelievable´ save as Liverpool progress|
|Red Star Belgrade 1 Paris Saint-Germain 4: Neymar brilliance helps secure Group C top spot|
|Inter 1 PSV 1: Icardi header not enough for the Nerazzurri|
|Liverpool 1 Napoli 0: Superb Salah sends Reds through|
|Club Brugge 0 Atletico Madrid 0: Simeone´s men miss out on top spot|
|Barcelona 1 Tottenham 1: Lucas rescues Spurs late on to secure progress|
|Monaco 0 Borussia Dortmund 2: Guerreiro double snatches top spot from Atletico|
|Butler´s groin strain ´nothing significant´ – 76ers coach Brown|
|Woakes, Curran among leading lights at IPL auction|
|Blue Jays release five-time All-Star Tulowitzki|
|Mourinho: Professionals care more than the fans|
|Casillas reaches 100 Champions League wins|
|Expansion franchise Cincinnati sign Garza, send Kamara to Rapids|
|Manchester City sign United States goalkeeper Steffen for reported £7m|
|Schalke 1 Lokomotiv Moscow 0: Russians miss chance for Europa League reprieve|
|Galatasaray 2 Porto 3: Terim´s men into Europa League after penalty drama|
|Jackman leaves Dragons role|
|Tottenham boosted as Barcelona bench Messi|
|Mane and Henderson in Liverpool XI to face Napoli|
|Mourinho shoots down question over how to get the best from Pogba|
|Ronaldo to start as Allegri aims to avoid Champions League big guns|
|Odriozola: I´m in love with Benzema, he´s the best number nine in the world|
|Vikings fire OC DeFilippo after loss to Seahawks|
|Marcelino suggests Valencia open to Batshuayi departure|
|Bottas to make rally debut in title-winning M-Sport Ford Fiesta|
|Kovac dismisses Pavard speculation|
|Yaya Toure leaves Olympiacos after just five appearances|
|Riise challenges Liverpool to banish Champions League disappointment against Napoli|
|We rallied around it - Durant on Green confrontation aftermath|
|Valencia ´p****d off´ with Fellaini´s controversial Young Boys winner - Soler|
|More must be done to combat racism at Premier League grounds – Chalobah|
|Napoli will not sack ´big signing´ Ancelotti if they miss Champions League qualification, says De La|
|Guardiola not interested in ´exceptional´ Saul|
|Shai gives Windies hope with thrilling ODI run chase|