Toney was in electric form for the Bees last season following his move from Posh, and scored the goals to fire the club back into the Premier League.
The striker scored 31 goals in the regular Championship season while providing 10 assists and also scored a further two in the play-offs, including in the final against Swansea City as Brentford won at Wembley.
Should Everton go after Ivan Toney?
It remains to be seen if the Bees would be willing to allow him to leave this summer following their promotion but Fry believes that top Premier League clubs are currently monitoring his situation.
He claims that the Blues have watched Toney and are interested in a deal, though he believes that any transfer could cost as much as £50m.
That would net Posh a significant windfall, too, as they included a sell-on clause when the forward was sold on.
Speaking exclusively to This Is Futbol, Fry said: “I still think people like Everton and even Chelsea (want him). I know Chelsea are looking at the top range of centre-forwards but I know they’ve watched him and like him and if they don’t get A, B, and C, who knows?
“Then I expect Ivan to go for £40m, £45m, £50m, but now he’s got them in the Premier League, only the top clubs could afford him.”