Brentford sign Thiago from Brugge with one eye on Toney exit
Thiago, who has scored 26 goals in 40 appearances this season, will join Brentford in July.
Toney is the subject of interest from the likes of Arsenal and Chelsea and Brentford boss Thomas Frank conceded earlier this month that the 27-year-old is "likely" to be sold this summer.
“I’m very pleased that we have been proactive as a club," Frank told the Brentford website on the news of Thiago's arrival.
"We have signed a key player for a key position. Thiago is a very exciting striker who fits the role in our team.
"He is hard working and a very good pressing player. He is also a physical presence, very good in the box and can link the play."
Toney has missed most the season after being hit with an eight-month ban for hundreds of breaches of betting regulations.
However, he has shown little sign of rustiness on his return, scoring three goals in four games to help drag the Bees six points clear of the Premier League relegation zone.