Spurs will probably need to add to their front line if they qualify for next season's Champions League.
The 22-year-old was linked to a string of English clubs - including Spurs, West Ham United and Brighton & Hove Albion - by various media outlets last year, but left Boca Juniors to sign for Uruguayan side Deportivo Maldonado in January, via a loan spell at Sao Paulo.
Calleri has since scored one goal in four appearances for the Brazilian giants, to whom he is contracted until June 2016.
According to Transfermarkt, Deportivo paid £8.25million to sign the Argentine, whose registration is held by an investment group.
Spurs would be required to purchase Calleri outright, as per Premier League regulations, though the People reports he "would represent good value" in comparison with Lyon striker Alexandre Lacazette.
While Calleri, who scored 21 goals in 53 appearances for Boca, is yet to be capped by Argentina, he qualifies for an Italian passport this summer through his grandparents, and would therefore not require a work permit to move to the Premier League.
Spurs, whose proposed move for Fulham's Moussa Dembele reportedly fell through on deadline day, look set to qualify for next season's Champions League, but have only Harry Kane, Son Heung-min and Clinton N'Jie as recognised senior strikers.