The report claims Internacional forward Leandro Damiao and Valencia's Roberto Soldado are the two key targets for the north London club as they look to secure Champions League qualification next season after their near miss this term.
Despite missing out on a top four spot this season, Andre Villas-Boas hopes to demonstrate the club's ambition by signing Soldado and Damiao, and persuading Gareth Bale to sign a new contract.
Damiao has been a long-standing target for Spurs, and efforts were made to bring him to White Hart Lane in the January transfer window.
A fee in the region of £16m could be enough to bring Internacional president Giovanni Luigi - with whom Tottenham enjoy a good working relationship - to the negotiating table.
Soldado would be more expensive - probably around the £20m mark. But that would represent something of a steal for a player who reportedly was valued at £30m just a year ago.
Tottenham scouts have been fixtures at the Mestalla this season, and have been impressed by the Spain international's performances.
The 27-year-old former-Real Madrid academy player was recruited to Valencia as a replacement for Barcelona-bound David Villa, and he's scored 27 goals in all competitions this term.
To pay for such extravagant outlay, the report claims Tottenham chairman Daniel Levy will sanction the sale of several squad players.
Scott Parker and Tom Huddlestone will be made available, while Emmanuel Adebayor could be sold after a below-par season. William Gallas is out of contract.