The Daily Star says supporters have set up a Change.org petition demanding that the club end its "strategic partnership" with Gareth Bale's new club.
Spurs and Madrid signed the agreement last year after midfielder Luka Modric was sold.
"The transfer of Mezut Ozil to our top rivals in order to recoup money spent on Gareth Bale is the ultimate duplicitous action and we deserve a fair and mutual exchange between clubs rather than being treated as a feeder club.
"We ask that the "strategic partnership" that we have not benefited from be terminated."
Over 3,000 have now signed the petition, which is addressed to the Tottenham Hotspur Supporters' Trust.
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