The French ace is impressing on a weekly basis this campaign and has captured the attention of the Seagulls' manager Chris Hughton, who has expressed a desire to add pace to his front line after failing to land a number of key targets - including Tottenham's exiled striker, Vincent Janssen.
Dembele is valued at £30m by his current side, but the 12th placed Premier League outfit are planning on testing the waters with a £20m offer when the January window recommences - according to Sportsmail (via Daily Mail).
Albion's current club transfer record stands at £13.5m, which comes in the form of Colombian forward Jose Izquierdo last summer.
Hughton will be wary of a reoccurring hamstring problem, after the Frenchman initially suffered a tear in last season's Scottish Cup semi-final, although there's no sign of past issues affecting the 21-year-old this term.
The former Fulham man has managed to score an impressive eight goals in 16 appearances so far this season and most notably netted an emphatic strike against Champions League favourites PSG, before his side's premature exit.
The speedy talisman now wants to take his game to the next level and be recognised as one of the world's finest in his position, as he vies for a place in Didier Deschamps' star studded France squad for the World Cup in Russia next year - having scored a 12 minute hat-trick against Slovenia in the U21s last month.
Brighton's efforts may go unrewarded in their pursuit of the player though, as Celtic have no financial need to sell upon securing qualification for the last 32 of the Europa League - pipping Anderlecht to third place in their Champions League group.