The 20-year-old has enjoyed an excellent 12 months after shining for PSV in the Eredivisie last season before putting in some eye-catching displays for the Netherlands at the World Cup this summer.
Those performances have attracted interest from top sides across Europe, with Manchester United and Tottenham both thought to be frontrunners in the chase for his signature, though Real Madrid are also believed to be keen.
Depay scored 12 goals in 32 league games for PSV last season and his arrival at Spurs would spark belief that he could be the man to fully replace Gareth Bale.
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The dangerous wide-man can play on the right but is most effective on the left, and would give Mauricio Pochettino another attacking option, after moves for defensive players this summer.
Depay built on a solid campaign with PSV by shining for the Netherlands at the World Cup under the guidance of Manchester United manager Louis Van Gaal.
He scored two goals with one assist in four appearances as he helped the Oranje to a third-placed finish at the tournament.
Van Gaal has advised Depay to remain with PSV until at least next summer but the player has revealed that only he will decide where his future lies after being linked with big clubs across Europe.
"I'm having a good time at PSV but, if big clubs from big leagues come to me, I will think about it. There is more than enough interest but it is also an option to stay at PSV."
"I understand that the fans want me to play in Eindhoven next season. I see a lot of children with my name on their shirt. I'm proud of that but I'm the one who decides how my career looks and no one else," he told De Telegraaf.
With Spurs reportedly set to make the first move, it will be interesting to see whether Louis Van Gaal responds with a bigger offer.
Although if the new Manchester United boss is adamant on playing with wing-backs, it will be difficult to find a place in the first-team for the young PSV star.
Spurs have already added Ben Davies, Michel Vorm and Eric Dier while a move for Villarreal defender Mateo Musacchio is thought to be close.