Scepovic, 24, signed for Celtic from Spanish outfit Sporting Gijon back on deadline day in September 2014, but has struggled to prove himself in Scotland.
With Bhoys manager Ronny Deila preferring to use Leigh Griffiths and John Guidetti in attack, Scepovic has been a bit-part figure, scoring just six goals in 25 games this season.
Now, the Serbian international's future appears to be in doubt, with Elche allegedly hoping to lure him back to Spain after he scored 23 goals for Sporting Gijon last term.
Celtic may be open to letting Scepovic go, especially if they can strike a swap deal with Elche for Brazilian striker Jonathas.
Spanish football pundit Graham Hunter recently claimed on Sky Sports that Celtic were hoping to land Jonathas this summer, having watched him score 14 goals for Elche in La Liga this season.
However, any swap deal involving Jonathas and Scepovic could be difficult; the former is owned by Pescara, so Elche would have to negotiate a permanent deal to then send him to Glasgow - which is unlikely considering Elche's perilous financial state.
A move to exchange the duo could be best for both sides, but there are certainly some hurdles to be jumped if that move is to go through.