The Monaco forward has reportedly been made available only six months after joining from Lazio.
Balde only moved to the principality outfit in a £30m deal from Lazio last summer but Monaco may be happy to sell for a decent profit, according to The Mirror.
While the Premier League duo have previously prioritised his teammate Thomas Lemar, it is Tottenham Hotsur who have a long-standing interest in Balde.
As The Mirror details, Spurs wanted to sign the 22-year-old, who has five goals and nine assists in 24 appearances for Monaco, before he left for Ligue 1.
If Tottenham do feel that price for the youngster represents risky business, Balde would be a more certain alternative having also proven himself in Serie A.
In his final season at Lazio, Balde scored 16 goals in 31 games, and also offers more versatility than Malcom as he can play as a striker as well as a winger.