Spurs have been tracking the youngster since his impressive World Cup exploits earlier this summer, where he netted two goals for Louis van Gaal’s Holland.
An offer of around £15m with Nacer Chadli included has already been rejected by PSV, who have remained adamant that their man will not be leaving in recent weeks.
But with Depay having opted against extending his stay in Eindhoven, their hand may be forced.
The Eredivisie giants are aware that his value is unlikely to get much higher than it is now, making cashing in tempting.
Spurs could look to use this to their advantage as Mauricio Pochettino eyes an attacking star to bolster his inherited squad.
Manchester United have also been linked with the wide-man – who has been dubbed the ‘new Cristiano Ronaldo’ – but their focus is thought to be on Angel di Maria for the remainder of the current transfer window – although LVG is though to have spoken to Depay about a switch next year.