The former Scotland defender, speaking exclusively to Football Insider, claimed the Old Firm rivals will be looking to pinch any talent they can for a “small fee”.
As reported by the Scottish Sun (October 24th), Celtic sent top scout Mick Doherty to watch left-back Buchanan, 20, last week with a view to a January move.
The youngster’s contract with Derby expires next summer.
The Rams were placed into administration last month and deducted 12 points.
As such, they sit bottom of the Championship table.
Hutton insisted Celtic could strike a bargain deal for Buchanan.
Speaking to Football Insider’s Russell Edge, Hutton said: “There’s never a problem with looking for a bargain.
“If there’s an opportunity to take advantage of a club who
are in a difficult situation, you look at the likes of Barcelona selling off
their best players – Rangers and Celtic have to take it.
“They’ll be looking to pinch the best talent they can down south because it’s a small fee they will have to pay.”
Buchanan has made 13 appearances for the Pride Park club this season as they suffer from continued financial difficulties.
He has two caps for England’s under-21 side, making his debut in November of last year.
The Parkhead side are just two points off champions Rangers at the summit of the Scottish Premiership.