The 31-year-old, who has two years left on his current contract, has broken off talks with the Toffees over an extension and Spurs are reportedly ready to pounce.
Andre Villas-Boas is known to be desperate to add a controlling central midfielder to his squad at the end of the season, having missed out on Joao Moutinho, and Osman is a top priority.
He has a proven record for Everton in the Premier League, with his performances helping him scoop two England caps in recent months, but it is thought he is ready for a change of scenery.
Spurs are thought to be willing to hand in a £6million offer at the end of the season, while they could also throw fringe players into a deal as part of a clear-out if the club reach the Champions League.
Heurelho Gomes, Danny Rose, David Bentley, Iago Falque and Andros Townsend will all be told to find new clubs
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