The powerful forward has been attracting the attention of both sides of late after notching 26 goals in his debut season at the Liberty Stadium.
Liverpool were thought to be leading the race for his signature, but the Swans’ £19m valuation deterred them.
The Reds have now moved for Loic Remy, and with the Frenchman virtually through the door at Anfield in an £8m deal, the path is clear for Tottenham to move for Bony.
Spurs are currently thrashing out deals for Swansea duo Michel Vorm and Ben Davies, and could make it a triple swoop with Gylfi Sigurdsson heading the other way.
Mauricio Pochettino has been guaranteed cash to spend this summer, and is desperate to get in a top class striker with his current crop – Emmanuel Adebayor, Roberto Soldado and Harry Kane – having failed to convince last season.
Spurs were also interested in Romelu Lukaku, but the Belgian looks set to re-join Everton from Chelsea on loan.