The Daily Star says Spurs boss Harry Redknapp wants to revamp his attack in preparation for his side's Champions League assault next season.
The blond bombshell, who is in South Africa for the World Cup, has played in Europe's top competition for both clubs.
Atletico have not qualified for the Champions League this season so they know they will have to sell players.
His agent Daniel Bolotnicoff said: "Forlan is a player who a lot of people are interested about in the European market.
"Each of the seasons many clubs show interest in him.
"This is not the first time that a Premier League club have wanted to try to buy him back.
"At the moment, though, he is concentrating on the World Cup finals.''