Portuguese outlet A Bola claimed last month that Spurs were interested in the 23-year-old, who has dazzled in green and white this season.
Now a three-time Portugal international, Fernandes has scored 14 goals and added another 20 assists in 50 league and cup outings for Sporting this season which has understandably caught the eye of Spurs.
The Mirror claim Spurs' talent spotters watched the former Udinese and Sampdoria star score the winner on Sunday in a 4-3 win over Belenenses, as Sporting continue to fight for the Liga Nos title from third place.
However, the Mirror's report also claims that Liverpool are interested in what could prove a major stumbling block as the Reds continue to show flex their European muscles in the semi-finals of the Champions League.
It is believed Sporting will demand any interested parties must pay Fernandes' release clause, which stands at a huge £87million. However, it does not seem to have deterred chairman Daniel Levy and Spurs, who were in attendance on Sunday.