The 27-year-old is widely expected to leave AC Milan this summer, having spent the previous seven seasons at the club.
According to Fabrizio Romano, AC Milan offered Tottenham the chance to sign Leao, but the Premier League side were not interested.
Leao has already confirmed his desire to move on while speaking to Sport TV, saying: "I need a new challenge.
"I already won two trophies in Italy and have been there for a while. The League is evolving, but for my style of football, I think the Premier League or LaLiga would make more of my talent, as a player.
"If a Premier League opportunity were to come along, I would be very happy. I think that I can put my talent up against the players there, who are of a very high level. Playing in that kind of a league really gets the best out of a player."
It’s understood a fee of around €60m would be enough to convince AC Milan to sell.