The News of the World says it is almost certain he will be put up for sale in the January window - probably at a cut-price £12million.
It has been assumed Harry Redknapp was in the pole position to sign the 26-year-old, who has yet to score a competitive goal for his Italian club.
Spurs were close to a deal in the summer but Huntelaar preferred Milan. Assuming Redknapp can unload Roman Pavlyuchenko, Spurs will be back in again.
But he faces stiff competition. Manchester United boss Sir Alex Ferguson and Liverpool's Rafa Benitez have admired Huntelaar in the past, and Birmingham's new owners would see him as a prestige signing, even if he is unlikely to be Alex McLeish's cup of tea.