The north London side are said to still be looking at the 22-year-old Newcastle forward.
But the north London side harbour interests of their own, with Perez still on their radar.
The Standard report that Daniel Levy's feelings on the prospect of a Perez-Townsend swap are unknown but it's certainly something that could be suggested if Newcastle are serious about signing the Tottenham winger.
However, losing Perez for Townsend would be a grave mistake for any club and there could be an impasse if Spurs are unwilling to lower their asking price and if Newcastle don't want to lose their 22-year-old talent.
The Magpies forward would provide perfect cover for Harry Kane at White Hart Lane, is versatile and already used to not starting every match.
But, if Levy and co aren't prepared to let out-of-favour Townsend go easily, imagine how strongly Newcastle feel about losing a player as good as Perez?