Holtby has been linked with a move to Borussia Dortmund over the past few days - however that deal looks unlikely to go through.
Now Fulham are the latest club to be linked with the former Schalke star, who scored the winner in Tottenham's 2-1 win over Fulham in December - although the player himself would prefer a move back to Die Königsblauen.
With QPR loanee Adel Taarabt on the verge of leaving Craven Cottage - AC Milan are said to be interested in taking him on - Fulham boss Rene Meulensteen is said to be targeting Holtby, and would like to take him on loan for the rest of the season as part of a deal which could see Berbatov head in the opposite direction.
Spurs have been linked with a move for Berbatov throughout the January window, and may step up their pursuit of the 32-year-old given Jermain Defoe's imminent departure to Toronto.
The Bulgarian forward scored 46 goals in 102 appearances for Tottenham following his arrival from Bayer Leverkusen in 2006. He departed in 2008, joining Manchester United for a fee in excess of £30 million.
Although Fulham have previously insisted that Berbatov would not be on the move in January, their £11m move for Olympiakos star Kostas Mitroglou may change their stance.
As it stands, when Defoe leaves White Hart Lane in February, Tottenham will have just two first-choice strikers - Emmanuel Adebayor and Roberto Soldado.
The north London club take on Manchester City at White Hart Lane this evening as they look to draw level on points with rivals Liverpool, who occupy the fourth and final Champions League qualification spot.