Brendan Rodgers would be allowed to leave Celtic for Arsenal, the club's majority shareholder Dermot Desmond has confirmed.
Rodgers is reportedly among the leading candidates to take over at Arsenal after veteran French manager Arsene Wenger said on Friday he will leave at the end of the season.
The former Liverpool boss has regularly knocked back speculation linking him with a return to the Premier League.
But Desmond indicated Celtic would be open to allowing Rodgers to take over at Emirates Stadium if the 45-year-old was to be approached.
"I'm glad he's the favourite [with bookmakers]. He's an outstanding person," Desmond told Sky Sports.
"We wouldn't want him to leave but we won't force him to stay. Hopefully his love for the club and the set up here will induce him to stay at the club.
"I don't think you can put handcuffs on anybody if they want to go to a club as good as Arsenal. It will be Brendan's decision and his decision only."
Former club captain Patrick Vieira and Germany coach Joachim Low are among the other names reportedly in the frame for the Gunners job.
Wenger named New York City FC coach Vieira, who won three Premier League titles at Arsenal, as a potential successor at a news conference on Thursday.
Speaking to reporters prior to Wenger's announcement, Rodgers intimated he is not seeking to leave Celtic, where he won a domestic treble last season, a feat he could repeat this term.
"There's still a lot of work for me to do and achieve on and off the pitch," said Rodgers. "But you can only do that if you're happy, and I couldn't be happier at this club and the support I get from the board.
"It's all very aligned and very clear and that allows me to work in confidence and it gives the stability to the team, the staff and everyone, and we can all move forward."
|Yedlin knee injury not serious, Newcastle confirm|
|Bartomeu satisfied with Barcelona squad amid Pogba links|
|BREAKING NEWS: Kevin De Bruyne suffers knee injury|
|Steelers QB Roethlisberger in concussion protocol|
|Kehrer to PSG not complete, say Schalke|
|Hopoate handed 10-year ban from NSWRL|
|Is this worth it? Injuries prompted Te´o to consider future|
|Croatia hero Subasic retires from international football|
|Iniesta makes it two in two for Vissel Kobe|
|Chelsea send out defensive duo on loan|
|Zaha 2023: Palace star means more than goals|
|De Jong set for Ajax stay despite Barcelona interest|
|Serena ´still at the very beginning´ of comeback|
|Ajax can benefit from Mourinho approach - Blind|
|Foley not convinced by reports All Blacks will drop Barrett|
|Zaha signs Crystal Palace extension|
|Burnley midfielder O´Neill makes A-League loan move|
|Godin yet to renew with Atletico Madrid amid transfer interest|
|Federer ´feeling better every day´ after Wimbledon disappointment|
|Kante comfortable with surprise new Chelsea role|
|Rugby Championship 2018: The numbers behind New Zealand´s dominance|
|LaLiga 2018-19: Bale ready to be Madrid´s shining light after five years in Ronaldo´s shadow|
|Rodgers unimpressed by absence of ´fit´ Boyata|
|Braves´ Acuna Jr. has arrived as a true MLB star|
|LA Galaxy 2 Colorado Rapids 2: Jackson´s deflected strike sees spoils shared|
|Victory offer postponed retirement, says Honda|
|Kyrgios forgets tennis shoes, Federer back in business|
|Williams knocked out as Garcia and Pliskova advance in Ohio|
|Kvitova sees off Serena in Cincinnati classic|
|Federer dispatches Gojowczyk in Cincinnati|
|Stead succeeds Hesson as New Zealand coach|
|Duminy encouraged despite South Africa´s mixed results|
|Thiem withdraws from Cincinnati Masters|
|Edwards joins Ospreys in consultancy role|
|Former Arsenal and Barcelona player Song joins Sion|
|I´m very happy with what I have - Spalletti not desperate for Modric|
|Roethlisberger evaluated for concussion after practice|
|Brady ´absolutely´ expects to face Eagles|
|Rugby Championship 2018: Reasons for optimism and concern for Australia|
|Wentz ´gonna be close´ for Eagles opener|
|Cleveland ´victory fridges´ to unlock beer if Browns finally win|
|England´s Watson suffers injury setback|
|Mariners reinstate Cano after 80-game suspension|
|AEK Athens 2 Celtic 1 (3-2 agg): Rodgers´ men dumped out of Champions League|
|Alonso to leave F1: Paddock reacts to Spaniard´s exit|
|Roma sign midfielder N´Zonzi from Sevilla|
|Alonso to leave F1: Who will replace Fernando at McLaren?|
|Extraordinary Zidane is in Real Madrid´s past - Lopetegui|
|Alonso to leave F1: Then and now - how the grid, teams and calendar have changed since 2001|
|Wawrinka and Azarenka receive US Open wildcards|
|Parma sign Napoli pair Inglese and Grassi on loan|
|Sandakan castles Proteas before Sri Lanka squeeze home|
|Ronaldo sale won´t stop Real Madrid winning - Ramos|
|Predators sign Ryan Ellis to eight-year, $50M contract|
|Curran, Woakes, Rashid - who makes way for Stokes in England´s Test XI?|
|Griezmann well positioned for Ballon d´Or, says Simeone|
|Criscito: I was on Genoa bridge shortly before collapse|
|Alonso to leave F1: How the Spaniard´s numbers stack up to the greats|
|Rookie LB Roquan Smith finally signs Bears contract|
|De Villiers enjoying relief from ´unbearable´ Proteas pressure|
|Fernando Alonso to leave F1|
|Spalletti extends Inter contract|
|Godin, Koke, Griezmann and Juanfran named Atletico Madrid captains|
|Ronaldo out of hospital after illness|
|Fury: Beating Wilder and Joshua ´very easy´|
|Dickinson retires to take up academy coaching role|
|Cricket the ´sole focus´ for Stokes as he returns to England squad|
|Cheryshev moves to Valencia on loan|
|Mandzukic retires from Croatia duty after World Cup|
|Ben Stokes found not guilty of affray|