The midfielder was not among Spurs’ original list of transfer targets but has emerged as a potential signing due to Villa’s financial difficulties.
Villa have avoided a HMRC winding-up order but still face significant outlay in the coming months and are expected to seek revenue from player sales.
A deal for Grealish, who was one of the Sky Bet Championship’s outstanding performers last season, could present good value in the market to Tottenham and a number of other Premier League clubs.
Fulham are also keen on Grealish and rate the 22-year-old alongside Norwich star James Maddison, who has also been considered by Spurs in the past.
Sky Sports News reported in May that Leicester were interested in Grealish, and he has been monitored by scouts of Manchester United and Arsenal.
Villa are keen to keep hold of the talented former England and Republic of Ireland U21 international, who has two years left on his contract, but realise they face a tough challenge in order to keep him in the Championship.