Sevilla were believed to be leading the chase for the former Valencia and Real Madrid hitman, following reports by the Mirror, but Villarreal's Marcelino has recently hinted at potential interest from their La Liga rivals.
"He is a footballer who is very capable," he told Spanish news outlet Marca.
"The fact that he has lacked regular playing time and has not had the confidence of his team in the past two seasons may have affected his performances.
"But it's difficult for one who has always scored goals to forget how to do so. We want strikers that can increase the team level and can add more competitiveness to our group."
Spurs chairman Daniel Levy, notorious for his financial negotiation skills, wants around £12m for a player that cost him £26m in 2013, according to the Daily Mail; a fee that could ultimately deter any buyers.
Nonetheless, if Soldado can recover the form that saw him make his initial move to White Hart Lane - he scored 59 goals in 101 appearances over his three seasons at Valencia - he would be some signing for his potential suitor.
Villarreal need to strengthen their attacking options after selling Argentinian forward Luciano Vietto to Atletico Madrid earlier this summer, and providing the price is right, Soldado is likely to prove an attainable target.