The Denmark international has been linked with a reunion with former Sporting coach Ruben Amorim at Manchester United.
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However, Record says Spurs have now expressed interest in Hjulmand - and the Dane has been assured by Sporting that he will be allowed to leave next summer.
Tottenham aim to bid for Hjulmand in January, but Sporting are adamant he isn't for sale during the winter market.
The midfielder's deal with Sporting runs to 2028.