However, the Scottish champions, who are hoping to bring in two new strikers during the January transfer window, still have a chance of landing the 6ft tall 21-year-old.
Bayo has scored 14 goals in 25 appearances for Streda during the 2018/19 campaign and has attracted the attention of clubs across Europe as a result.
Dunajska sporting director Jan Van Daele confirmed that an offer from Celtichad been turned down, but stressed they were willing to listen to improved offers.
“We confirm we have received a bid from Celtic, but refused the bid as it did not match our expectations,” he said.
“We are in direct contact with Celtic club officials and we are open to negotiate with Celtic.”