Black Cats boss Gustavo Poyet is said to be keen on the Los Che man and could give the green light to pursue the 25-year-old Banega.
Superdeporte have reported that the Uruguayan coach is willing to spend around £8 million of his budget on the talented Argentina international.
Banega left Los Che in January to join Newell's Old Boys on loan, and it is understood that the La Liga side are willing to listen to offers for the midfielder.
Poyet believes that Banega can add some some creativity to his side next season, but will face competition for the player's signature in the form of Spurs.
Mauricio Pochettino is another who is also understood to be a fan of Banega, according to the Daily Mail, and the new Spurs boss wants his compatriot at White Hart Lane next season.
The former Southampton manager is unlikely to be be given a huge budget to work with after Spurs spent over £100 million last summer, and Banega's relatively low fee would represent good business in Pochettino's eyes.
However, despite Spurs' interest, Poyet is thought to be in the driving seat to land the former Boca Juniors youngster as he looks to improve on a season that ended with his side narrowly avoiding relegation.
Banega failed to make the cut for Argentina's 23-man World Cup squad after initially being called up by coach Alejandro Sabella.