According to the Metro, the PSV star has been dubbed the 'new Cristiano Ronaldo' and he has certainly impressed for the Dutch at the World Cup in Brazil.
The United and Spurs transfer target found the net against Australia earlier this week as the Netherlands came from behind to beat the Socceroos 3-2.
Tottenham officials are in Brazil keeping tabs on the Dutchman, and the report claims they've seen enough to sanction a bid.
Spurs hope £17m will be enough to convince PSV to sell, with Depay potentially becoming new manager's Mauricio Pochettino's first high-profile capture this summer.
Pochettino successfully led a young Southampton squad to an eighth place Premier League finish last season, and the 20-year-old Depay is just the sort of attacking winger that could flourish under the Argentinian boss.
Spurs fans are keen to see attacking football after a disappointing campaign led by managerial spells from the conservative Andre Villas-Boas and his replacement, Tim Sherwood.
Manchester United interest
But while Spurs hope a £17m deal can be reached with Depay's employers, a spectre lurks in the shadows that could scupper their hopes - Manchester United.
The Old Trafford club have a huge advantage over their rivals in the shape of new boss Louis Van Gaal. The Dutchman leads Depay and the rest of the Netherlands squad at the World Cup this summer.
And he's clearly a big fan of the young winger, calling him off the bench against the Aussies when he had other more experienced options.
Depay in the Eredivisie
PSV finished in fourth last season but Depay was one of their shining lights, scoring 12 goals and providing seven assists from 32 Eredivisie starts. As he showed against Australia, he has an accurate long-range shot, and his free-kick technique has earned him comparisons with former-United star Cristiano Ronaldo.
With Antonio Valencia, Ashley Young and Nani linked with Old Trafford exits, Van Gaal may look to bring the 20-year-old Depay with him.
The 'new Cristiano Ronaldo'?