The German star faces an uncertain future at Spurs, with Mauricio Pochettino having dropped him to the bench for both of his side’s opening Premier League wins.
With Erik Lamela now firmly back in the fold under his Argentine compatriot, Holtby’s game time may be limited to cup and European outings, which has led to talk he might be offloaded.
This has alerted Hamburg, whose chief executive, Dietmar Beiersdorfer, has been in discussions with the player to assess a permanent or loan move
The 23-year-old is seen as a good long-term replacement for former Tottenham idol Rafeal van der Vaart, who himself has been linked with a last gasp switch to QPR.
Holtby spent the latter half of last season with Fulham, and is speculated to be open to heading away from White Hart Lane to get his career back on track.
Despite only joining the Lilywhites in January 2012, the youngster is thought to be seen as no longer needed by Pochettino who has a host of stars available to him in attacking midfield positions.