Celtic boss Ronny Deila says keeping his best players will take priority over acquisitions in the transfer window.
Chelsea striker Fernando Torres is understood to be set for a return to Atletico Madrid, according to Sky sources.
Motherwell striker Bob McHugh has become the latest player to to commit his future to the club by signing a new contract until the summer of 2015.
The 21-year old joins youngsters Adam Cummins, Zaine Francis-Angol, Stuart Carswell and Craig Moore in committing their futures to the club.
"I am delighted, it's always great to get that wee bit of security," McHugh said.
"I've worked hard at it, even though I've not started as many games as may have liked, and I hope the manager has recognized that.
"It's not always easy to come off the bench and have an impact but I've made a contribution; I look back at the Hibs game as certainly the high point of the season.
"The is to try and win a regular place in the starting eleven this season and beyond."
The Glasgow-born striker was handed his Motherwell debut by Mark McGhee aged just sixteen and has made 71 appearances for the club.