The Inter Milan veteran is still available on a free transfer after rejecting Sampdoria and could be a great replacement for Paulinho at White Hart Lane.
The 34-year-old is a free agent after leaving Inter Milan at the end of last season and was previously linked with a surprise move to north London, with Mauricio Pochettino reportedly keen to add some experience to the Spurs midfield.
It was thought that any move for Cambiasso would be dependent on whether Napoli upped their offer for Brazilian star Sandro, but that situation may now have changed amid rumours linking Juventus with a bid for fellow Selecao star Paulinho.
Part of Brazil’s squad for the 2014 World Cup, the 25-year-old has reportedly been identified as the man to replace Arturo Vidal, with the Chilean believed to be weighing up a number of big money offers from clubs like Manchester United.
Juve could table a bid of up to £20 million for Paulinho, which would be a difficult figure for Tottenham to turn down.
And that transfer could yet pave the way for Cambiasso to arrive on a short-term deal, after the midfielder reportedly opted against a move to Serie A club Sampdoria.
A Champions League, Scudetto and Coppa Italia winner during his time with the Nerazzurri, Cambiasso could provide the kind of commanding influence that made Edgar Davids a popular figure at the club during his brief stint in north London.
Though only likely to be a stop-gap before a more long-term Paulinho replacement emerges, it would nevertheless represent a major coup to bring Cambiasso in, with the Argentine bringing bags of experience not only from his time with Inter but also Real Madrid.
And if Cambiasso can help the team secure Champions League qualification under compatriot and one-time international teammate Pochettino, it could yet be the free transfer of the summer.
Check out this video of Cambiasso in his element at Inter Milan.