He was due to join Saudi side Al-Ittihad and pick up a £6 million contract, but that deal collapsed last week.
Now Figo has decided he fancies the idea of England and Tottenham are the only team he is thinking about, despite Bolton and Newcastle also being alerted.
A friend of the former World Player of the Year said last night: "Luis has always had a soft spot for Spurs and would love to live in London. He has seen other stars go to the capital and settle with their families."
Figo, who is looking for around £60,000 a week and a two-year deal, is due to decide on his next move by the end of the month.