The 23-year-old exploded onto the scene last year as he broke into Roy Hodgson's England squad and impressed at Spurs at the beginning of the last campaign. He went on to struggle however and then an ankle injury ruled him out of the World Cup as a result.
Harry Redknapp is an admirer of Townsend, and brought him to QPR on a short-term loan deal at the end of the 2012/13 season, as Townsend scored twice in 12 appearances before breaking into the first-team at Spurs following Gareth Bale's departure last August.
QPR have reportedly had an enquiry for Townsend turned away but Redknapp will try and force Spurs into a sale by offering £10 million for the exciting winger.
However, it is unlikely to be enough as Mauricio Pochettino is keen to use Townsend on a regular basis this season as he is a fan of the 23-year-old.
Redknapp will be keeping a close eye on any Spurs move for Memphis Depay as if the PSV star was to join the Lilywhites, Townsend's place in the first-team would be under serious threat.
Erik Lamela has shown signs of drastic improvement in pre-season for Spurs and is set to be a regular this term, so Townsend will have to be at his best to force his way into the side on a regular basis.
Tottenham will need a big squad to play in the four competitions they will contend once again this year, and are unlikely to listen to any offer for the England international.
Redknapp has already brought in Rio Ferdinand, Steven Caulker, Mauricio Isla and Jordon Mutch this summer, having previously worked with the two centre-backs at West Ham and Spurs respectively.
Although a deal would appear unlikely, the capture of Townsend on a permanent basis would certainly be a boost for the R's.