According to a report from Football Insider, Spurs director of football Fabio Paratici is looking at possibly offloading Lo Celso, while also getting Villarreal's star defender Pau Torres in the process.
The 26-year-old attacking midfielder joined Unai Emery's side on loan until the end of the season on transfer deadline day, and has since thrived in his return to Spanish football, with him playing all 180 minutes as Villarreal knocked out Bayern Munich in the UEFA Champions League, setting up an intriguing semi-final against Liverpool.
Lo Celso has featured regularly ever since he signed for the Spanish side, cementing his position as an attacking midfielder or a second striker within the team.
As a result, Villarreal want to make his move permanent this summer, with them indicating to Spurs a 'desire' to sign him.
Spurs are confident that they can secure a major fee for the midfielder, with a £30 million fee being rumoured, which would indicate a £2.8 million profit from the £27.2 million spent in 2020 to bring him from Real Betis.
As a result of the huge fee, Spurs would be keen to secure a part-exchange deal involving towering centre-back Torres, who has been a long-term target for Antonio Conte's side.
Torres is once again on the radar of Spurs and Conte after a failed move last summer, and with his impressive performances continuing over the course of this season, interest in him will surely increase.
Apart from Spurs, Manchester United are also interested in the Spaniard, yet have not made contact with Villarreal yet, and given the Spanish side's interest in Lo Celso, Spurs are definitely in the driving seat.
Additionally, according to Yoonis Mohamed, Torres rejected a move to Spurs in 2021 because of the lack of Champions League football, yet given the North London side's current position in the Premier League, they are definitely favourites to get Champions League football next season, while United are practically out of the race for it.
It remains to be seen where Torres will end up, especially since his contract expires in 2024 and if Villarreal fail to qualify for the Champions League next season, then he will definitely be looking for a move elsewhere in the summer.