Reports in Spain suggests Mateo Musacchio could move to White Hart Lane to replace the Belgian defender.
The transfer would open the door for Vertonghen to move to Barcelona, who have identified him as a top target along with Arsenal's Thomas Vermaelen and Paris Saint-Germain's Marquinhos.
After having a €43 million offer for Marquinhos rebuffed by the French champions Sport reports that the Catalan club have switched their attention to Vertonghen, who would be available for a fee in the region of €30 million.
For either Vertonghen or Musacchio to move clubs, however, a third transfer would have to go through first.
Villarreal are currently in talks with Porto to sign Brazilian centre-back Maicon. That deal would trigger a domino effect, allowing Musacchio to join Spurs and Vertonghen to head to Camp Nou.
If Spurs do decide to sell the Belgian, they would be getting a ready-made replacement in Musacchio. Although he lacks Premier League experience, the Argentine is known for his controlled aggression, athleticism and ability to play in midfield as well as defence.