The Sunday Mirror says Hiddink, 67, has been out of football since July, when he left Russian club Anzhi Makhachkala.
Hiddink and former Bayern Munich coach Jupp Heynckes are the names being discussed if the north Londoners need a short-term appointment to guide them through this season.
Chairman Daniel Levy is not trigger-happy and hopes AVB can settle the club's current problems.
But if Villas-Boas loses his job, Spurs will look to a short-term fix.
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