An investigation is under way after a greyhound, which has an estimated stud value of in excess of €1m, was stolen from the kennels of a high-profile trainer.

The Limerick Leader reports that the dog - Clares Rocket - which is owned by a Limerick syndicate, is understood to have been taken from the yard of Irish Derby winning trainer Graham Holland in Golden, Tipperary in the early hours of Monday morning.

"This is really the Shergar story of the greyhound industry," one Limerick greyhound trainer told the newspaper.

"If you look at his card, I think he has won over €53,000 in prize money and I would say for stud purposes he could be worth in excess of €1 million," he added.

It is understood the dog was taken from the kennels at around 1am on Monday.

Clares Rocket is considered by dog racing followers to be at his peak and and is currently listed as second favourite for the English Derby - the most valuable and prestigious race in the world.

Gardai are investigating the theft of an Irish greyhound, which has an estimated value in excess of €1million. https://t.co/pyX21SJL8Y — RTÉ Sport (@RTEsport) December 6, 2016

The dog has won the Champion Stakes and the valuable Produce Stakes and was a favourite this year for the Con and Annie Kirby Memorial Puppy Stake.

Owned by the Full House Syndicate headed by Joe Cahill, Clares Rocket was trained by Holland to complete a hugely impressive unbeaten path to the Con and Annie Kerby Memorial Puppy Stakes final and was quoted as a best-price 8/13 favourite by firms.

He came fifth on the night and was representing Ballinacurra Gaels GAA club.

Speaking to Michael Fortune last August, Cahill explained after he was withdrawn from the Derby: "He is only a young dog with a lot of racing ahead of him and if we keep going in the Derby it might finish him.

"There are a lot of targets out there for him next year, and we would hope he will be okay for the Night of Stars in November."

Gardaí in Golden confirmed that they are investigating the theft.