The Mirror is reporting Villarreal have commenced negotiations for the 30-year-old, who has also been the subject of interest from Sevilla and Benfica.
It is understood Villarreal's preference was to bring Soldado back to Spain on a loan, but Tottenham are eager to work out a more permanent arrangement.
Soldado joined Spurs two seasons ago for £26million, but struggled during his time at White Hart Lane, scoring just seven Premier League goals.
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