Sky Sports News reported over the weekend that Spurs were considering a move for Grealish, who was not among their original list of transfer targets this summer.
Chelsea and Fulham are also understood to be keen on the 22-year-old, who has emerged as a target for a number of top clubs due to Aston Villa's current financial problems.
Tottenham have been one of a number of top clubs who have scouted the England U21 international during an impressive season in the EFL Championship, where Villa reached the play-off final but lost to Fulham.
Chelsea and Fulham are also understood to be keen on Grealish
Villa value their prize asset at closer to double that figure - and they could be more interested in a bid from Chelsea, especially as it is likely to see Grealish loaned back to the club for next season.
However, despite their precarious financial state, senior sources at Villa believe they may not be forced to sell their star academy graduate after all.
At Monday's crucial board meeting, acting deputy chief executive Luke Organ painted a more optimistic picture of the club's finances and, while not ruling it out, suggested they may not be forced to sell the youngster.
Grealish remaining at Villa Park appears unlikely, though, with the player entering the last two years of his contract and Villa failing to get him to sign an extension mid-way through last season.