Bain signed a new deal with Dundee earlier today, as announced on the club’s official website.
The 23-year-old is now set to stay at Dens Park until 2018, which means that Celtic are going to miss out on signing him in the summer transfer window.
According to The Scottish Sun, the Glasgow-based outfit were interested in signing Bain at the end of the season.
The British tabloid also claimed that Dundee wanted as much as £1 million for the services of the 23-year-old, who is rated as one of the best goalkeepers in Scottish football.
Bain was supposed to provide cover for Craig Gordon and also compete with him for a regular place in the Celtic first team.
Moving from Dundee to Celtic would have been a huge-step up for Bain, but he does not seem to be bothered and is happy to have committed himself to the Dees.
Following the announcement of the new contract, Bain took to social networking site Twitter to post the following message:
Delighted to sign a new deal at Dens! Thanks all for the messages— Scott Bain (@ScottBain_) April 6, 2015