Spurs are in the hunt for a left-back and have reportedly identified Davies as their major target, but are loath to part with the £10million that Swansea are demanding for their prized youngster.
As a result, Daniel Levy has reportedly tried to tempt the Welsh side into accepting a deal which could see Sigurdsson move back to the Liberty Stadium.
The Icelandic attacking midfielder spent part of the 2012 season on loan at Swansea, where he helped them secure Premier League survival in their first campaign since being promoted from the Championship.
It was also his form with the Jacks, where he scored seven goals in 18 appearances, which convinced Spurs to take the plunge and sign him on a permanent transfer in the summer of that year.
At White Hart Lane he has shown his best on occasion, but his inconsistencies have kept him out of starting on a regular basis and now the club are looking to use him as a makeweight to secure other targets in this transfer-window.
The fact that one of these potential additions is Michel Vorm is the most intriguing part of the offer, though.
Spurs have already expressed a determination to keep hold of Hugo Lloris this summer and the French stopper was thought to be staying at White Hart Lane for the foreseeable future, however, this offer may have hinted that his future lies elsewhere.
Vorm has established himself as one of the finest custodians in England over recent years and, therefore, would not be bought to play second-fiddle to another goalkeeper. If he was to join another club it would surely be as a first-choice starter.
The only way for this to be the case at Spurs is if Lloris was to leave the club and join PSG who have been linked with him all summer.
Earlier today the French international seemed to hint that he was staying at White Hart Lane, saying: “Yes, I should be [with Tottenham next season]. I don’t want to speak about my situation now.
“I need a few days to recover and after that to relax, have a good rest and come back for next season.
"I think I will speak soon about that and we will deal with it."
However, this news could prove that Mauricio Pochettino is beginning to prepare for life without the 27-year-old and is taking the first steps to finding a replacement for his prized asset.
In terms of the stats between the two stoppers last season, Lloris comes out on top in most aspects of goal-keeping. The current Spurs 'keeper made more saves, was better coming out off-his-line and was more accurate with his kicking than Vorm.
The Dutchman was better than Lloris at claiming crosses, though, and also made less errors when coming to collect.
The pair's stats can be seen in the table below.
|Team||Pos||Apps / apps||Saves / apps||Punches / apps||Good High Claim / apps||Cross Not Claimed||Gk Smother||Accurate Goal Kicks||Apps||Mins|