The 23-year-old FC Twente stopper has been in fine form in the Dutch Eredivisie this season, and has attracted interest from a host of clubs across Europe.
Spurs boss Harry Redknapp has started his search for a long-term successor to American veteran Brad Friedel - who arrived at White Hart Lane on a free transfer in the summer, signing a two-year deal.
The 40-year-old has played a starring role in Tottenham's early season success, having conceded just 18 goals in 15 appearances for the north Londoners, and his form has helped lift Spurs to third in the Barclays Premier League table, resulting in Redknapp's side being labelled as genuine title contenders this year.
But with Friedel in the twilight of his career, attention has already turned to his potential replacement, and the Bulgarian international has been identified as the man to fill the gloves.
Mihaylov, has already spent time in England when he signed for Liverpool from Levski Sofia in 2007, but failed to make a single first-team appearance for the Reds because of work permit problems.
He left Anfield for Twente initially on a temporary loan deal, before making his Liverpool departure permanent last year.
His mooted arrival at Tottenham casts further doubt over the future of Brazilian goalkeeper Heurelho Gomes, who is almost certain to leave White Hart Lane when the transfer window reopens for business in January.