Celtic are set to form a partnership with Austrian second-tier side Admira Wacker.
The nine-times Austrian champions have fallen on hard times recently and were relegated last summer from the Austrian Bundesliga.
And they want to link up with the Hoops and be a feeder club to the Scottish champions.
Admira Wacker's president Christian Tschida stated last week: "Cooperation with a top club that plays in the Champions League is being finalised and an announcement will be made soon."
And reports in Austria have confirmed it's Celtic the Modling club, just outside Vienna, will link up with in a deal that's expected to include player development and loan deals between the clubs.
The club were originally known as Admira Vienna and achieved their greatest success before the war, although they were last crowned Austrian champions in 1966.
They were in Europe just four years ago, but the club have struggled recently and have decided to partner up with Celtic in a bid to improve their fortunes.
Meanwhile, Yang Hyun-jun's agents have accused his club of moving the goalposts after they blocked his dream move to Celtic.
The player's representatives fumed: "Yang Hyun-Jun's dream is to play in Europe. It's a dream he's had since he started his career as a player.
"A golden opportunity has arrived under very good conditions for him and the club. So he is extremely frustrated the offer has been rejected.
"In the past, when an offer came from Minnesota United, the club's former CEO Lee Young-pyo promised him he would go to Europe when the next offer came in.
"It would be good for the player and Korean football for him to go to Europe. Yang believed those words and returned to his club and worked harder than ever.
"So he is hurt, the club have gone back on their word."
