According to the Daily Mirror, the centre-back has fallen out of favour under Tim Sherwood, and if even he makes a full recovery before the end of the campaign, he's unlikely to win a recall.
The 26-year-old Belgian international picked up an ankle problem during Tottenham's 4-0 humiliation at the hands of Liverpool last month.
He could return to full fitness before the last two games of the Premier League season, but the report claims Sherwood has moved on and Vertonghen is unlikely to play another game for Spurs.
A 'string of Champions League clubs' are reportedly queueing up to take Vertonghen if he becomes available, with Liverpool thought to be among them.
They are all but certain to qualify for the Champions League next year as they currently sit top of the Premier League table with five matches to play.
The Belgium international enjoyed a successful start to his Spurs career after joining from Ajax, but Sherwood lost confidence in the defender after a number of defensive lapses.
Still, he remains highly rated by many of the top clubs in the league with Liverpool among them. Brendan Rodgers has plenty of options in central defence but Vertonghen's versatility makes him a valuable commodity.