The Premier League club are reported to be preparing a summer bid for the Spanish midfielder.
Camacho, 24, has been one of the revelations of La Liga this season and even earned both his first call-up and cap for the Spain national team in November.
His impressive performances in the holding role for Malaga are now said to have attracted interest from a host of top European clubs, with Marca naming the likes of Inter Milan, Napoli and former club Atletico Madrid as potential suitors.
Tottenham appear to be making a concerted effort to steal a march on rival bidders, however, and are now said to have contacted the Spanish club to signal their intent to bid for his signature during the summer transfer window.
Camacho’s current contract runs until 2019, but the deal is reported to contain a release clause of €20 million, which Spurs would seem more than capable of matching in the event of Malaga turning down smaller bids.
The promising Spaniard has made 135 appearances for the club since arriving from Atletico in 2011, but admitted last month that he would be open to a fresh challenge elsewhere, amid the likes of the Liverpool Echo reporting further interest from Liverpool.
"If I do leave here then I want it to be done well and that Malaga are not angry with me,” he told reporters, as the quoted in the newspaper.
“But I also think you need to look at the market and its value in case you leave. We all know Malaga's situation, which isn't too bad, but they could be forced to sell for a reasonable price.
"It's always good when teams are looking at you because it means you are doing things right, both individually and collectively. The situation at Malaga is good and that benefits me.”
Nevertheless, with Spurs boasting three capable central midfielders in their squad in Nabil Bentaleb, Ryan Mason and Benjamin Stambouli, it’s debatable how much use Camacho’s proposed signing would be to Mauricio Pochettino, regardless of his talent.
Out-of-favour pair Etienne Capoue and Paulinho do look set to leave White Hart Lane in the summer, but one gets the impression that the club might be better off spending their cash on other more desperate areas, such as up front.