Tottenham manager Mauricio Pochettino
The lack of silverware and the club's strict wage structure has led to many questioning whether the club can hold on to its best players.
Both the Red Devils and Pep Guardiola's City are said to be in the running for the trio as they look to mount a serious challenge to Spurs and Chelsea next season.
Spurs fans were hoping the reports were just newspaper speculation with the summer transfer window looming and speaking on talkSPORT journalist Des Kelly suggested as much.
But worryingly for Tottenham fans former midfielder turned respected pundit Murphy, who is still well connected in the game, claimed there is substance to the stories.
Former Spurs star turned pundit Danny Murphy
"Des has kind of flattened it in a way to say 'well there's always a lot of paper talk'," Murphy told talkSPORT.
"I think they've got a real problem here (Spurs) because I know that both full-backs are keen to move.
"Dier wants to play because he's not first choice all the time, and he wants to play midfield because he believes it's his best position and I understand that, the football side of it, if you want to play every week and you're not and he's a good player."
Tottenham's Danny Rose and Kyle Walker
With the likes of Ben Davies and Kieran Trippier in reserve it could be argued Tottenham might be able to afford to lose Rose and Walker to find alternatives.
But the loss of a young and versatile player like Dier could prove unsettling to a squad that is progressing nicely without lifting any silverware as of yet.