The German international has been linked with the Premier League champions for some time, amid rumours of a £28m valuation.
This has alerted Lilywhites chief Tim Sherwood, who is keen to add to his squad at the end of the season.
Reus is seen as an ideal signing, and the sort of player that can fill the void left by Gareth Bale – who left White Hart lane to join Real Madrid over the summer.
Dortmund have remained adamant that he will not be sold, but speculation suggests that the Bundesliga giants may be unable to resist a significant offer due to clauses in the wide-man’s contract.
However, Sherwood will have to offload fringe players before he can mount a serious move.
Etienne Capoue and Nacer Chadli – both signed by Andre Villas-Boas a matter of months ago – are believed to be set for the axe, which could free up funds for wages and bring in around £15m.
Lewis Holtby may also be sold, with his former club Schalke interested.