The Daily Star says Spurs are weighing up a shock approach for the Everton boss after overlooking him two years ago.
White Hart Lane chairman Levy opted for Andre Villas-Boas ahead of the Spaniard to replace Harry Redknapp.
Having seen how things have turned out for Villas-Boas and Martinez, Levy has realised he got it wrong.
The Londoners hope the promise of a bigger summer transfer kitty than he will get at Everton will help make the Spurs job more appealing.
Martinez is set to be handed in the region of £25m by the Toffees.
For breaking stories and all the great banter like us on Facebook: facebook.com/tribalfootball