The Real Madrid forward was a target for Spurs boss Andre Villas-Boas over the summer, but the La Liga giants refused to include the young striker in the Gareth Bale package.
Recent reports have revived Tottenham's interest in Morata, with Real Madrid boss Carlo Ancelotti open to letting him leave on loan if he's able to sign a replacement.
Robert Lewandowski and Luis Suarez are Ancelotti's two top targets for the January window.
Morata faces a tough ask to break into the Madrid starting eleven on a consistent basis, with Karim Benzema, Gareth Bale and Cristiano Ronaldo currently blocking his path.
He scored his second of the season against Almeria last weekend, but Ancelotto may let him leave for first-team football.
Both Arsenal and Tottenham are short of options up front, with Arsenal boss Arsene Wenger overly reliant on French international Olivier Giroud.
£26m summer signing Roberto Soldado has failed to fire on all cylinders, prompting speculation Spurs may renew their interest in Morata to supplement their strike force.