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The 27-year-old is currently serving an eight-month suspension for breaching betting rules and can return to action on January 17, while he can resume training from next month.
Had he not been banned, Toney likely would have been subject to plenty of interest this summer with Chelsea, Manchester United and Tottenham all having been in the market for new frontmen.
According to The Times, there is a possibility the England international will not play for Brentford again with a host of Premier League sides ready to swoop in the winter window.
Arsenal are among the clubs looking at the former Newcastle United man, with Mikel Arteta still looking to add more firepower – and an out-and-out goalscorer – to his ranks.
Gabriel Jesus has performed well when fit but is hardly prolific while Eddie Nketiah has struggled in front of goal – only netting four times in the Premier League last season.
There had been suggestions Folarin Balogun might be given a chance to impress this summer after a breakout campaign on loan at Reims, but he is on the verge of returning to Ligue 1 with Monaco in a £40million deal.
Spurs, meanwhile, lost Harry Kane earlier this month but pocketed around £100m from his move to Bayern Munich – money which has yet to be reinvested.
Toney could be an ideal fit for both north London clubs and Brentford are resigned to losing their talisman, whose current contract expires in 2025.
The west London club would be prepared to cash in if they receive an offer in the region of £80million, though the compromise they made over David Raya – letting him leave in a £3m loan deal after initially demanding £40m – will encourage suitors that Toney can be bought for less than that asking price.
Toney recently made an appearance on the Diary of a CEO podcast and, although he is a Liverpool fan, revealed he is also a big admirer of Arsenal.
‘I have been a Liverpool fan my whole life, but from young I have liked Arsenal,’ said the striker.
‘I like watching Arsenal and how they play and kind of how passionate the fans are. But, yeah, Liverpool fan – Liverpool boy at heart.’
Toney is on the verge of switching agents to Stellar in an effort to secure a move away from Brentford, with the agency having previously facilitated Jack Grealish’s £100m move to Manchester City.
MORE : Brentford striker Ivan Toney reveals admiration for Arsenal
MORE : Brentford striker Ivan Toney speaks out on eight-month ban for betting: ‘I’m in football prison’
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