The winger is attracting attention from several top teams around Europe after his impressive performances in the past few months.
According to Sky Sports, Tottenham are ready to offer Porto £37.6 million up front for Diaz, along with £8.4 million in bonuses.
The Portuguese club want £50.2 million for the 25-year-old, while Diaz also has to be convinced about the move.
The winger has 16 goals and six assists in 28 games this term.
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