The Ivorian striker has been attracting attention from the London and Merseyside duo in recent weeks, with both clubs thought to be looking seriously at acquiring his services.
Bony enjoyed a wonderful debut season at the Liberty Stadium, netting 26 goals for the Swans, who endured a difficult campaign.
The 25-year-old moved to South Wales last year in a £12m deal, yet there is speculation circulating suggesting that he is ready to move on in search of bigger and better things.
Liverpool have reportedly been talking to his representatives recently, but Spurs are not willing to give up on landing the African star.
Tottenham also want Romelu Lukaku from Chelsea, but Bony is seen as a more cost-effective option with offers of around £18m-£19m thought to be enough.
Liverpool are chasing QPR’s Loic Remy, and may pull out of a deal for Swansea’s star with the Frenchman available for around half of the price.