The striker has had interest from several clubs over the summer, and that has only increased after his goal against Fleetwood on Saturday.
Fry has revealed that the 23-year-old is not for sale and it would take a ridiculous offer to tempt Posh, which means they could retain their most prized asset.
Speaking to the Peterborough Telegraph, Fry said: “Three Championship clubs have bid for Ivan, but we’ve turned them all down. Middlesbrough are not one of those clubs.
“One of the clubs has made three bids and the other two have made one bid each, but essentially Ivan is not for sale, unless someone offers us silly money, like £10 million!”
It is unlikely that any Championship club is prepared to spend close to that fee, particularly on Toney as despite doing well last season, he has never played a game in the second-tier.
It is no surprise to see Fry issue a strong hands-off warning over Toney, as keeping him could be integral to their chances of success this season.
He is young and improving too so it is reasonable to demand a high fee for him, particularly as he will be so difficult to replace this late on in the window.
However, if Toney continues to impress and interest in him persists then it could lead him to try and force his way out of the club and demand a move, so Posh must be careful to cash in on him when the time is right – unless they achieve promotion.