The 28-year-old has been heavily linked with a move away from Brentford, having entered the final 12 months of his contract.
As a result, the latter stages of the transfer window represent one final chance for Brentford to command a sizeable fee for the England international.
Toney has been linked with a number of top Premier League sides, including Arsenal, Chelsea and Manchester United.
However, none of those Premier League clubs have made a serious move to sign Toney, leaving him to weigh up alternative options.
Toney agrees terms with Al-Ahli
According to journalist Ben Jacobs, Toney has agreed personal terms over a potential transfer to Saudi Pro League side Al-Ahli.
The update claims that the Saudi Pro League's vice-chairman Saad Al-Lazeez and sporting director Michael Emenalo have travelled to London to try to finalise the move.
Brentford are believed to be looking for around £50m after previously turning down a £35m proposal from Al-Ahli.
There is a belief that negotiations are now at an advanced stage and there is hope that a deal can be swiftly agreed between all parties.
Toney closing in on Brentford exit
While a transfer is yet to be confirmed, it appears that Toney is close to ending his four-year stay at the Gtech Community Stadium.
The forward has scored 72 goals in 141 competitive appearances for the Bees, helping the club win promotion in 2020-21 and achieve a top-half finish in 2022-23.
Toney is seemingly set to swap Thomas Frank's side for a club that finished in third place in the Saudi Pro League last season.
The striker would join an Al-Ahli squad which contains Roberto Firmino, Riyad Mahrez, Edouard Mendy, Franck Kessie and Gabri Veiga.