Barkley, 23, has come up through the ranks with Everton, becoming an important first-team player over the last four years, but his time at Goodison Park is coming to an end.
The midfielder is out of contract next summer and has so far snubbed all attempts from Everton to get him to stay, though he surprisingly didn't move on over the summer, with an injury scuppering any late move.
Now, The Telegraph report that with his value dropping from around £35million to £20million as Everton look to avoid losing him for nothing at the end of the season, London rivals Chelsea and Tottenham are set to do battle again.
Mauricio Pochettino's men were linked with Barkley throughout the summer, and with the Spurs boss keen to add another midfielder who can bring the drive that Spurs sometimes lack without Mousa Dembele, Barkley could be back on his radar.
However, with Chelsea also keen having seen their deadline day move for Barkley fall through, the Blues look set to rival Tottenham for his signature, meaning Barkley may face a big decision.
If Barkley heads to Tottenham, he would be playing under a manager who gives chances to young players in an attacking setup, whilst also playing alongside fellow England internationals such as Kieran Trippier, Harry Winks, Eric Dier, Dele Alli and Harry Kane.
A move to Chelsea would maybe see him earn more money, but a first-team role may be a little more difficult to come by, given the presence of players such as Eden Hazard, Willian, Pedro and even Cesc Fabregas or Tiemoue Bakayoko – and Barkley now has a few months to figure out his ambitions and hopes with his next move.