Kyogo Furuhashi has been named the most valuable player in the Scottish Premiership with the Celtic striker just pipping Rangers forward Fabio Silva to the top spot.

Football information site Transfermarkt has updated the market value of 46 players in the Scottish Premiership to formulate an MVP list.

The top 15 is completely dominated by players from Celtic and Rangers with eight squad members from Parkhead and seven representatives from the Ibrox squad.

German site Transfermarkt revealed squad market values for Celtic and Rangers both dropped in their recent update but the Glasgow clubs remain at the top of the list for most valuable squads in the league.

“There’s little doubt that Rangers have improved the most since the last market value update, as Philippe Clement’s side have caught up with Brendan Rodgers’ stuttering champions," said Transfermarkt UK lead content manager Stefan Bienkowski.

"But the truth is that both teams are in a period of transition as they try to move on from previous managers and rebuild their squads for next season.” 

Celtic January signing Nicolas Kuhn and Rangers defender John Souttar both topped the table for biggest market increases in the division according to Transfermarkt. But neither player makes the top 15.

Similarly, Hearts striker saw his value increase by €750k to €2.5m but doesn't make the upper rankings of the Scottish Premiership MVP list. Bojan Miovski also saw his stock rise, from €2 to €2.5m down to his impressive form at Aberdeen.

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However, Kyogo (€14m) remains the top player in the Transfermarkt MVP list just €1m ahead of Fabio Silva.

Matt O'Riley and Cameron Carter-Vickers both feature in the top five at €13m with Reo Hatate in fifth despite his value dropping to €10m.

The Herald:

Defining their market values model, a Transfermarkt explanation read: "The Transfermarkt market values are calculated, taking into account various pricing models. 

"A major factor is the Transfermarkt community, whose members discuss and evaluate player market values in detail.

"In general, the Transfermarkt market values are not to be equated with transfer fees. 

"The goal is not to predict a price but an expected value of a player in a free market.

"Both individual transfer modalities and situational conditions are relevant in determining market values. Transfermarkt does not use an algorithm."

Scottish Premiership Most Valuable Players list*

1. Kyogo Furuhashi €14m (minus €1m)

2. Fabio Silva €13m

3. Matt O'Riley €13m

4. Cameron Carter-Vickers €13m

5. Reo Hatate €10m (minus €1m)

6. Callum McGregor €9m

7. Todd Cantwell €8.5 (plus €500k)

8. Alistair Johnston €8m (plus €500k)

9. Nicolas Raskin €7.5m (minus €500k)

10. Abdallah Sima €7m

11. Greg Taylor €7m

12. James Tavernier €7m

13. Daizen Maeda €6.5m

14. John Lundstram €6.5m

15. Danilo €6m (minus €1m)

*According to Transfermarkt