Indeed, the Frenchman is said to have told manager Mauricio Pochettino that he wants out of White Hart Lane as he desires Champions League football.
The report suggests Manchester United will be ready to pounce as their shot stopper David De Gea is expected to join Real Madrid.
But Daniel Levy is also able to drive a 'hard bargain,' according to the Mirror, as Tottenham are likely to demand at least £25 million.
There is no release clause in Lloris's contract, meaning the Spurs chief executive can do what he is famous for and drive the stakes up for United.
The news will come as a huge blow to the north London outfit, however, as the Frenchman has been a talisman at the Lane and the expectation at the club seems to have been that he will stay at Tottenham.
In fact, the Mirror's report is in direct contradiction to Pochettino's post-match comments after Spurs' friendly win over Sydney FC on Saturday afternoon.
He told reporters: "There have been a lot of rumours. Hugo wants to stay with us and we are happy with him too. He is happy and everything else is just rumour."