The 17-year-old playmaker has been on the books at Parkhead since 2019 and was promoted from the youth ranks to the club's B team for the 2021-22 season.
Vata has caught the eye with his energetic displays in the final third during the current campaign, scoring six goals and providing one assist in 17 appearances in all tournaments.
The teenager's contributions include a goal against RB Leipzig in the UEFA Youth League, as well as scoring four times in 11 games in the Scottish Lowland Football League.
A current Republic of Ireland Under-19 international, Vata can represent Albania, Scotland, Ireland or Montenegro at senior level, but he is still waiting for his first senior Celtic appearance.
Nevertheless, Tuttomercatoweb claims that a host of top European clubs are already plotting to poach Vata from the Celtic academy, including Arsenal and Man City.
Interest from Italy is also believed to be rife, with the report adding that Roma, Juventus and AC Milan are also ready to test Celtic's resolve over the highly-rated teenager.
However, Celtic boss Ange Postecoglou supposedly has no intention of letting Vata leave Glasgow in the near future, although he does not believe that the playmaker is ready for the step-up to first-team football yet.
Should any interested party express an interest in signing Vata, they can reportedly expect to be quoted €2m (£1.7m), but Postecoglou personally wants to keep hold of the youngster.
Postecoglou was recently questioned on Vata's links with top European clubs, and he has pointed to current examples of Celtic players who have become regular first-teamers by following the "pathway".
"It is about having a strategy in place. With the 'B' team, we are really happy with the progress of a number of players. Stephen McManus and Darren O'Dea are doing a great job," Postecoglou told the press.
"I am closely linked to them and I follow their progress. All that we can do is provide that pathway. I know we've lost a few but we have Anthony Ralston, Callum McGregor and James Forrest.
"They are living, breathing examples of if you stay at this football club, you can still have a pretty good career. It's not like we don't have a formula.
"You deal with every case individually and this year we have closely aligned the 'B' team with the first-team. I see them everyday and I am aware of the progress they are all making."
Vata has also demonstrated his versatility in recent weeks, being deployed as a number 10, on the right and left wings and as the focal point of the Celtic Under-19s attack.