The Premier League duo have been keen on the Brazilian for some time, and were both linked with moves for his signature over the summer.
The 28-year-old’s contract with the Rome-based giants is set to expire at the end of next season, and he was widely expected to pen an extension.
However, it is rumoured that Hernanes is instead ready to leave the Stadio Olimpico in search of a new challenge.
Lazio are keen to keep him, but could be open to selling either in January or at the end of the current campaign to draw in a respectable fee.
Spurs and Arsenal may both look to take advantage of the situation with winter raids.
Despite having spent over £100m during the last window, Andre Villas-Boas is still open to bringing in new stars in a bid to push Tottenham back into the top four.
Arsene Wenger is also looking into the possibility of making additions to his squad in a bid to keep his side in the title race after an excellent start to the campaign.
Could Hernanes be a Premier League star?
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