Both Old Firm strikers look like having brilliant seasons in terms of goalscoring.
Morelos, who scored 30 times last season, is already on 13 across all competitions for Rangers, while the Celtic star scored his eighth of the campaign against Kilmarnock this past weekend.
Despite a gap in goals, Nicholas believes that Edouard is the superior centre-forward and believes that he could be worth £25 million to the Hoops next summer.
But the Sky Sports pundit added that he is 'irritated' by the Frenchman's lack of celebration when he scores.
He wrote in The Daily Express: "Odsonne Edouard is the top striker in Scotland but Alfredo Morelos is starting to close the gap.
"The Celtic frontman is a better all-round footballer, although he has this slightly annoying habit of looking too casual and uninterested a lot of the time. The thing that irritates me more than anything is his lack of celebration when he scores.
"People are already saying he is better than Moussa Dembele, who left for £20m but I'm not so sure. However, I can see Edouard continuing to improve and leaving Celtic in a year or so for at least £25m."
There's a difference over how the two approach Old Firm derbies.
Morelos, who joined Rangers in 2017, is yet to score against Celtic, whereas Edouard has five goals against Rangers - including one in the Bhoys' win at Ibrox earlier this month.
If the Colombian can improve his record on the biggest stage in Scotland, whilst continuing to out-score his rival, then he'll comfortably be considered a better player.
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