The flying winger had shone at the World Cup this summer and Tottenham were not the only team keen on his services - with Manchester United also mentioned.
However PSV went on to tell Sky Sports that there had been 'no contact whatsoever' from Tottenham and that they 'expect Memphis to stay' at PSV. They also confirmed they had no interest in Nacer Chadli - who had been touted as a potential exchange player in any deal.
In the end Tottenham did not get their man. Depay in fact signed a new deal with the Eredivisie outfit - keeping him at the Philips Stadion until 2018.
Dubbed the 'Dutch Ronaldo' Depay was rightly one of Europe's most wanted men and he has been in tremendous form this season - bagging eight goals in eight games for the Dutch outfit.
But despite signing a new deal teams do not appear to have been put off his potential signature. It is being reported that Inter Milan look to improve on their flagging form with a recruitment drive for young talent this winter. Number one on their list - Memphis Depay.
Depay, who is currently out with a serious groin injury, is seemingly not a player teams are ready to give up on despite it being made clear on several occasions that PSV don't want to sell and Depay, for now, is happy to stay.
But with Inter lurking, Tottenham must remain ready to jump in and match any bid the Nerazzurri make for this impressive star in the making.