Lovelace made history when he became Millwall’s second youngest ever player back in December, and went on to make five appearances for the Lions in total over the course of last season.
However, the 16-year-old looks set to move on this summer, with recent reports claiming that Rangers are set to complete a deal for Lovelace.
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Although the striker is out of contract at Millwall this summer, his age means that the Championship club are still entitled to a compensation fee for the teenager.
Now it seems as though the two clubs have managed to come to an agreement over the size of that compensation package.
According to this latest update, Rangers are set to pay Millwall a fee of around £100,000 to bring Lovelace to Ibrox for the 2022/23 campaign and beyond.
It could be argued that this fee will be somewhat disappointing for those of a Millwall persuasion.
Given the potential he has shown, and the talent he clearly possesses, there is a chance that he could have gone on to become a big asset for the club over the years, who could have fetched them a significant fee in the future.
However, with the striker having instead elected to join Rangers this summer, that means that Millwall look set to only receive a small fee for the teenager, giving them less to work with in the transfer market.
Even so, that amount is at least better than nothing, and it will be interesting to see how much of a bargain Rangers have got themselves here with this deal.