The Italian club reportedly regard the Algerian winger as important to their plans for the season ahead, and the initial approach has not changed that position. For Frosinone, keeping a player they value may be more important than accepting an offer they consider insufficient.
That does not necessarily close the door. The report says there is room for negotiation, leaving Celtic with a decision: return with a stronger proposal or turn to other attacking options. A rejected first bid can be part of a longer transfer conversation, but it also gives the selling club a chance to make clear what it would take to continue.
Celtic are reportedly still pursuing Ghedjemis after previously trying to sign him in January. O’Neill’s quoted comments point to genuine interest, while his admission that he does not know how close a deal can get underlines the uncertainty around the talks.
For the player, the appeal of a move to Glasgow would have to be weighed against Frosinone’s apparent intention to keep him involved in their season plans. For Celtic, the challenge is to turn interest into an offer that changes the Italian club’s stance.
The next step will be whether Celtic return to the table and whether Frosinone are willing to negotiate. Until then, Ghedjemis remains a live target rather than a confirmed signing.