Teamtalk credited Spurs with an interest in signing the Fulham front-man in January, but a move subsequently failed to materialise, although it was claimed that Mauricio Pochettino might go back in for the striker in the summer.
With the reported fee of £40 million slapped on the 24-year-old's head, however, that will now seriously be in doubt.
Mitrovic has been in decent form this season, with 10 goals in 30 Premier League appearances for the Cottagers, and he would undoubtedly be an able deputy for Harry Kane, but it is highly unlikely that Tottenham would be willing to pay such a large fee for someone who wouldn't be a regular starter.
The north London outfit's transfer record currently stands at £42 million, after they brought Davinson Sanchez to the club from Ajax in the summer of 2017.
The game continues to evolve, however, and each year, prices seem to keep on rising.
Daniel Levy is well known for being a hard-nosed businessman, however, and if Tottenham do in fact want to sign Mitrovic in the summer, he will surely not want to pay anything close to £40 million for the Serbian's services.