The report also notes that Spurs keeper Hugo Lloris is being tracked by Atletico Madrid as they prepare alternative targets to Thibaut Courtois.
The on-loan Chelsea keeper could return to Stamford Bridge to challenge Petr Cech for the number one shirt this summer, which would leave Atletico Madrid with a hole to fill in goal.
Courtois has impressed in his three seasons at the Vicente Calderon so far, and Diego Simeone is reportedly eyeing up the Tottenham keeper as a potential replacement.
If Spurs fail to qualify for the Champions League this season - and they face a real battle with stiff competition for the top four spots in the Premier League - then Atletico could likely offer the Frenchman a carrot Spurs wouldn't be able to match.
As for Michu, the Spaniard played a huge role in Swansea's success under Michael Laudrup last season.
While injuries have hampered his campaign so far, he hasn't had the same impact even when he's made it onto the pitch.
And with Laudrup now gone, Michu may look to follow him out with Tottenham a long-term admirer of the Spanish forward.
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