The defender ruptured the anterior cruciate ligament in his left knee during Wednesday's 2-2 draw against Manchester United at Old Trafford.
Holding's injury provides yet another headache for Unai Emery, who remains without centre-back Laurent Koscielny and left-back Nacho Monreal.
The 23-year-old Englishman's injury may well prompt a dip in the January transfer market to source a replacement.
One potentially available option comes with the added benefit of weakening a Premier League rival and angering rival fans.
The Belgian defender has been a solid performer for Spurs since joining from Atletico Madrid in 2015, making 127 appearances for the Lilywhites so far.
Then there is the report in The Times that claimed Tottenham have the option to trigger a one-year extension, but it would also give Alderweireld a release clause of around £25million as of summer 2019.
There is much to ponder over with regards to Arsenal potentially going down this road in January.
Would Alderweireld even entertain such an offer and risk becoming a pariah at Spurs like fellow centre-back Sol Campbell before him?
Would Tottenham agree to sell him to their bitterest rivals considering the blow to their integrity and credibility among their own supporters?
If Spurs consider offers for Alderweireld, how likely would they be to sell him to a club that isn't Arsenal - or maybe even send him abroad?
Could they trigger his extension, or potentially let him leave for nothing, and leave him to take the flak should he join the Gunners in the summer?
Or of course, he could always end up signing a fresh new contract at Spurs - but there are many potential twists and turns within this story which could unfold in the coming months.