The Italy international has been identified by Spurs technical director Franco Baldini as the world-class goalscorer needed to push the north London club into the Champions League.
With Tim Sherwood's side struggling to claim a top four finish this season, the addition of the former Manchester City star could help propel them up the table.
Tottenham are believed to be planning a swap deal that will see £30million club-record signing Erik Lamela go in the other direction, following a disappointing debut campaign in the Premier League.
However, a move to White Hart Lane remains far from certain, with Spurs set to face competition from local rivals Arsenal in the race for Balotelli's signature.
Gunners boss Arsene Wenger is also on the lookout for striker reinforcements, and according to the Daily Express earlier this month, the Frenchman has already held talks with the 23-year-old's agent about a possible switch to the Emirates Stadium this summer.