Honda is reportedly unsettled due to failing to gel with new manager Sinisa Mihaijlovic.
What Milan would do if a bid was received is unclear, and the subject of a multi-million dilemma for the club.
MilanNews.It explain that Honda is key to one of the club's strategic goals to crack the Asian market in terms of publicity, shirt sales and merchandise.
Milan's majority shareholder is now Bee Taechaubol, a Thai businessman.
The MilanNews.It report states: "His sale could bring to the coffers of Milan about 10 million Euros and save around 5 million gross salary, although it should also be considered that depriving Honda would lose a major face of the brand AC Milan in the Asian markets.
"The player is one of the faces that attracts more sponsors and media attention in those areas where Mr. Bee Taechaubol intends to expand the brand of the club coming to bring in commercial revenue to 350 million euros."
It should also be remembered in context however that Milan signed Honda on a free transfer so would be making a profit in that sense.
There is also the view of manager Mihaijlovic to consider, but if Tottenham do register a firm interest in Honda then the commercial backdrop to the deal is a reason why they may be unsuccessful.