Alderweireld spent last season on loan at the Saints but the 26-year-old was said to be favouring a move to White Hart Lane.
The Daily Mirror is reporting that Spurs Chairman Daniel Levy is set to travel to Spain to discuss the possibility of a deal with Atletico.
However, Europa League-bound Southampton believe they have just as much to offer Alderweireld this season and Ronald Koeman is eager to see the Belgian return to St Mary's Stadium.
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