The Argentine midfielder was recently released by Inter Milan, and has been mooted as one of Mauricio Pochettino’s top targets.
But the 33-year-old is no longer a player the Lilywhites chief wants, with other targets seen as more important.
Cambiasso spent 10 years at Inter after joining them from Real Madrid, and has long been seen as one of the world’s best holding players.
He starred for Argentina at a number of major competitions, and is famous for scoring an iconic goal against Serbia and Montenegro at the 2006 World Cup.
Despite his experience, Spurs are understood to be out of the race.
Cambiasso himself recently revealed that he has offers on the table from a host of top clubs, and that he is not yet ready to return to his home continent – despite the recent trend of South Americans switching back across the Atlantic Ocean.
Tottenham are thought to be watching Morgan Schneiderlin and Algerian World Cup star Yacine Brahimi.