The 23-year old German midfielder joined Tottenham from Schalke in January 2013 but is already thinking about his former club and league.
"I would never rule out a return to the Bundesliga," Holtby said.
"Especially to Schalke, where I had a great time, even though it might have come across differently during my move a year ago."
The former Bochum and Mainz loanee, who has started just six times in the Premier League this season, also hinted that a move within England could be an option.
"Things can happen very quickly. English football especially doesn't sleep," he added.
"At this point in time it's a real up and down for me in sporting affairs.
"There is a big competition for a first-team spot and, although I have had rather rare appearances, I have gained nine assists and three goals thus far this term. This is a good quota!
"I definitely want to be more involved in the starting 11."
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