Mowbray played for four seasons at Celtic in the 1990s
David Hay says Celtic will have to pay the going rate if they want Tony Mowbray to become their new manager.
West Brom want Celtic to agree to a compensation package of around £2m before letting them speak to Mowbray.
"If you want him, you've got to pay it I'm afraid," said Hay, who managed Celtic in the 1980s.
"In the past, transfer fees were associated with players. But, on the managerial front, that price now has to be paid for expertise."
But Hay, who was launching this year's search for inductees into the Scottish Football Hall of Fame, expects his former club to meet West Brom's demands.
And he also thinks those in charge at the Scottish Premier League runners-up are eager to to get someone in place quickly.
"To me, it looks as though he will be at Celtic Park," he said.
"With European qualifying games coming up, I'm sure Celtic will want to get a manager in place reasonably soon."
Should Mowbray be confirmed in the Celtic Park hot-seat, Hay believes the Englishman has the necessary attributes to be a successful.
Hay added that, although not a pre-requisite for becoming Celtic manager, the fact that the former Hibernian boss also played for Celtic will afford him some time to settle in
"You have to be single-minded, strong and knowledgeable about football and I think Tony fits those requirements," he said.
"You have to have belief in your own ability and your judgment calls.
"I think the fact that Tony has played there gives him a head start. It helps initially.
"If you ask Gordon Strachan, he probably felt he knew about Celtic.
"But it's not until you are in the job that you understand the passion of the fans."
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