Sigurdsson spent the latter half of last season on loan with the Swans from Bundesliga side Hoffenheim and appeared set to complete a permanent deal this summer.
But the situation was complicated when Swansea boss Brendan Rodgers took over at Anfield last month, sparking interest from the Reds.
However, Spurs could now snatch the youngster from under the noses of their Premier League rivals.
German newspaper Bild claims the managerless North Londoners have lined up an £8million deal for the 22-year-old Iceland international.
The former Reading midfielder scored seven goals in 19 games for Swansea last term and was named the Premier League player of the month for March.
The push for more color on their cleats, adidas has added the infrared colorway to the adiZero f50 Line.
Bayern Munich are kings of Germany and hope to be crowned kings of Europe at Wembley later this month!
The adidas Nitrocharge is the most talked about new cleat in years. It was released on May 15 and will take your pitch by storm.
The Juventus jersey for the 2013/14 was released earlier this week. Be the first to wear the colors of the Old Lady.
One of the top soccer cleats for control the Nike CTR360 will not let you down on the field in tight spaces.
The Liverpool 2013/14 soccer jersey is available for pre-order. The Reds are eager to compete for silver next season.
Borussia Dortmund hears Wembley Calling and are headed to London for the Champions League final.
Ajax has released their away soccer jersey for the 2013/14 season. Get in the Gear.
The new PUMA evoSPEED 1.2 FG. A great new soccer cleat with classic look and first time for PUMA to be on the cleat.
adidas has added some color to the Predator line with this new colorway. Released on May 17. Be the first to own a pair.