Tierney has been at the centre of an ongoing transfer saga as move to Arsenal remains in the pipeline.
The Gunners have identified several positions that need strengthening, one of which is full-back, and Tierney is seen as an ideal candidate.
Celtic are keen to hold on to one of their prized assets having already turned down several bids from Arsenal, the highest of which was £25m.
The Gunners’ financial power means a deal for the 22-year-old could eventually occur with the Premier League side growing more confident that a deal will be done.
But Charlie Nicholas, who played for both clubs in his career, has cautioned Tierney about the step up in class required to move north of the border.
“Well he’d be a big loss (for Celtic),” he said on Sky’s Transfer Talk podcast.
“I’m not over the top about defenders all the time because being an ex-striker, I like people who are creative and get goals, because it wins you football matches.
“But I do respect the art of defending.
“Tierney has vastly improved at Celtic, become a real top, top defender in terms of the domestic setup in Scotland.
“But in England it’s so much harder, it’s very, very tough.
“If he does come then Arsenal will get an improvement on what they already have by a fair distance in my opinion.
“It would be damage for Celtic but it’s a full-back, it’s a position that you can refill. People will find that.
“They might not get someone as good but in time they will fill the position.”
Celtic are keen to maximise Tierney’s value should they let him leave Parkhead.
Manager Neil Lennon has already welcomed a new full-back this summer in the form of Belgian Boli Bolingoli-Mbombo.
His arrival suggests the Scottish champions are preparing for life after Tierney with Arsenal’s interest still strong.
The Gunners also hope to complete deals for French defender William Saliba and Real Madrid star Dani Ceballos on loan.