Tim Sherwood signed a short-term deal in December, but has seen his future continually speculated about, with Netherlands coach Louis van Gaal one of the names in the frame to take over at White Hart Lane.
However, according to the Daily Mail, the Real Madrid boss is Spurs chairman Daniel Levy's number one choice.
The Italian is under pressure at Santiago Bernabeu after seeing their lead at the top of La Liga evaporate, and Levy is said to be monitoring the situation closely.
However, Dutch legend Ruud Gullit recently claimed that Van Gaal's move to north London was a done deal.
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