The Hoops have been monitoring the Polish striker, who is now on his way to sign for Dynamo Kiev on a £3.6million move.
Reports in Poland claimed Celtic had matched Dynamo's offer for the 23-year-old, who has shot to prominence after scoring 24 goals in 50 appearances for his club last season.
Teodorczyk has also burst onto the international scene with three goals in six matches for Poland, and is expected to line up against Scotland in the European Championship qualifiers.
This has brought him to the attention of several clubs across Europe, and onto the radar of Celtic.
But, an eleventh-hour attempt to hijack Teodorczyk's move to Ukraine has been resisted.
Celtic have already had a £3m offer for Stefan Scepovic accepted by the Serbian striker's club, Sporting Gijon, and talks over personal terms are continuing today.
The Parkhead club are also pushing forward with their application for a work permit to allow Wakaso Mubarak's year-long loan from Rubin Kazan to begin.
The Ghanaian winger has passed a medical in Paris, and will fly to Glasgow to sign the deal as soon as the final piece of paperwork is issued.
The registration deadline for involvement in the Group Stage of either the Champions League or Europa League is September 1.
Ronny Deila is also considering allowing some of his fringe players to move out before the window closes next week.
Reports in Portugal claim Vitoria Guimaraes are prepared to take Amido Balde back on loan, while Finnish striker, Teemu Pukki, is interesting clubs back in his homeland, though his wages could be a stumbling block.