But the Hoops could instead land N'Guemo's team-mate and fellow defensive midfielder Alfred N'Diaye, who has impressed for the French club since breaking into the first team 18 months ago.
Celtic reportedly bid £1.2million for N'Guemo, with Nancy holding out for £2million-plus.
The likes of Wigan, Stoke and Birmingham have all been linked with the 24-year-old, who is currently at the World Cup with Cameroon.
Nancy sporting director Nicolas Holveck said in the Herald: "We spoke to Celtic at the start of the week regarding Nguemo and, following that discussion, I now believe he won't be joining them next season.
"There is quite a difference in opinion over our valuation of the player and theirs and because there is other interest from England I would expect him to move elsewhere.
"We have been having discussions with English sides regarding Landry for more than a week now, but there is no panic over his sale."
Holveck revealed there had been talks with Celtic about N'Diaye, who is reportedly valued at £2.5million - more than Nguemo.
"There have been discussions with Celtic over Alfred N'Diaye and there is an interest there in the player," Holveck said.
"But there will be absolutely no loan deal struck: it's either a completed transfer or nothing as he is a valuable player.
"He will also cost them more than Landry N'Guemo as he is only 20 and already a France (youth) international with vast potential."