Head coach Roberto De Zerbi has identified his 26-year-old compatriot as the central figure in his ongoing squad rebuild at the Tottenham Hotspur Stadium.
Arsenal and Manchester City are both closely monitoring the negotiations, looking to upgrade their midfields.
With both clubs capable of launching a late transfer hijack, Spurs recognise they cannot afford a slow, protracted process and are aiming to finalise a second official bid to secure a breakthrough.
Newcastle United currently hold a strong position as the Italian international is under contract at St James’ Park until June 2028.
While Magpies executives maintain they will only sanction a sale for a fee close to their £100 million valuation, a compromise could be reached between £85 million and £90 million.
Given the relatively small gap, Tottenham’s board remain cautiously optimistic that a new offer will break the deadlock.
For De Zerbi, securing Tonali’s signature would be a huge statement of ambition, eclipsing the club-record £65 million Spurs paid for Dominic Solanke in 2024.
Having already strengthened his squad with Jan Paul van Hecke, Andy Robertson, and Marcos Senesi, the Italian views Tonali as the next key piece.
The player has already agreed a broad verbal understanding on personal terms, so the ball is now in Tottenham’s court to finalise the financials and complete the transfer before domestic rivals move from interest to formal bids.