Celtic have been granted permission to speak to West Brom manager Tony Mowbray as the Bhoys look to appoint a successor the Gordon Strachan.

A £2m compensation package has been agreed in principle, while extra payment expected for Mowbray's backroom staff of Mark Venus and Peter Grant.

The deal brings an end to days of wrangling in which West Brom made their demands clear and Baggies chairman Jeremy Peace indicated he was not prepared to back down.

But now it appears an agreement has been struck, paving the way for the former Hibs manager to assume the Parkhead hot-seat.

"We do not want to lose Tony because he has been an integral part of a long-term project at the club which the vast majority of our fans have bought into," said Pearce.

"But Tony expressed his desire to talk to Celtic and, now that the compensation figure in his contract has been met to our satisfaction, that process can take place.

"If Tony decides to join Celtic, he would leave with our good wishes and we would then immediately put into action the task of appointing a new manager who can take the club forward."