With his deal entering its final six months, it means Tierney is free to sign a pre-contract agreement with a non-English club in January.
The Scot isn't expected to be short of suitors, but one club appears to have shot to the top of the queue.
According to The Sun, Celtic are exploring a move for Tierney and could bring him back as early as January.
The report claims Hoops boss Brendan Rodgers has wanted to sign Tierney ever since his return to Parkhead in June 2023.
However, The Sun also claim Tierney's six-figure wage may prove to be a minor stumbling block in the deal.
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At present, Greg Taylor and Alex Valle are Celtic's leading left-backs.
However, Taylor's deal is also due to expire next summer while Valle is only on a season-long loan from Barcelona, leaving the Hoops requiring reinforcements in the position next season.
Should the move eventuate, it would mark an emotional homecoming for Tierney.
The 27-year-old joined his boyhood club as a seven-year-old and worked his way up the ranks in the academy, which culminated in a first-team debut in April 2015 aged 17.
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Still a teenager, Tierney ousted Emilio Izaguirre as Celtic's starting left-back and quickly cemented himself as a fan favourite thanks to his tough tackling and marauding runs up and down the left flank.
Tierney's outstanding performances for the Hoops culminated in being named the PFA Scotland and SFWA Young Player of the Year in the 2015/16, 2016/17 and 2017/18 seasons.
He was also named to the PFA Scotland Team of the Year in each of those three campaigns as well.
Celtic also won the Scottish Premiership in the four seasons he was a regular starter as the Hoops enjoyed a reign of dominance under Rodgers.
Tierney's impressive form didn't go unnoticed south of the border and it was Arsenal who won the race for his signature in August 2019.
The Gunners splashed out £25million to sign the 27-year-old, which made him Celtic's record sale.
That figure was surpassed in the 23/24 campaign when the Hoops sold Jota to Saudi club Al-Ittihad for €29m.
Tierney had to wait until September 24 to make his debut for the Gunners as he spent the opening weeks of the season recovering from a hernia operation.
He also missed 18 games with a dislocated shoulder.
But Tierney proved his worth once the season resumed after Covid as he started in Arsenal's win over Chelsea in the FA Cup final.
Unfortunately for the Scot, his career at the Emirates would later be derailed by a catalogue of injuries which kept him sidelined for lengthy stints.
Tierney's prospects of game time were further reduced when Oleksandr Zinchenko arrived from Manchester City in 2022.
Stuck behind Zinchenko, Tierney opted to spend the 2023/24 campaign on loan at LaLiga side Real Sociedad.
Although he put in solid shifts for the San Sebastian club, Tierney's season was once again riddled with injuries as he missed a total of 15 games due to a hamstring issue.
Tierney recovered in time to feature at Euro 2024 with Scotland but his tournament was brought to a premature end when he was stretchered off with a hamstring injury against Switzerland.
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The 27-year-old made his first start for Arsenal in 19 months during the club's 3-2 win over Crystal Palace in the Carabao Cup on Wednesday.
He exited the contest in the 69th minute, although Arsenal boss Mikel Arteta stressed the substitution was nothing more than a precuation.