Dykes told Fabrizio Romano: "We have to be honest with ourselves, as we were with David Raya. Toney has ambitions to play at a higher level, which is fine, but it has to be on Brentford's term.
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"But there is also a situation where Toney stays in Brentford, and that is what we all want.
"We want Ivan to stay at the club, and play Premier League football for Brentford for many years to come."