Ikpeazu has played against both Celtic and Rangers for Hearts this season, in which he has scored six goals in 20 appearances across all competitions.
And that could earn him a move to one of the Scottish Premiership's big two, less than a year since his debut in the competition - although it is claimed that Celtic and Rangers have rivals from south of the border, in the shape of Cardiff and Hull.
The newspaper adds Hearts would be looking for around £1 million for the 24-year-old, despite him having only extended his contract at Tynecastle last month.
Neither Celtic nor Rangers are currently short of centre-forwards, although news of their alleged interest in Ikpeazu could cause concern for the likes of Vakoun Issouf Bayo and Kyle Lafferty at Parkhead and Ibrox respectively.
Celtic now lead second-placed Rangers by 13 points after Sunday's Old Firm win over Steven Gerrard's side.
Would Ikpeazu be a good addition for Celtic / Rangers?
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