Townsend, 22, was the star of England's 4-1 victory over Montenegro on Friday night, capping a lively debut with a fine second-half goal.
Per the report, Spurs have responded to his impressive recent development and have renegotiated the player's contract at the club:
Tottenham have agreed a new bumper pay deal with man of the moment Andros Townsend—just two years after they were ready to sell him to Millwall for just £500,000.
The 22-year-old, who scored a brilliant international debut goal in England’s 4-1 win over Montenegro, currently earns £6,000 a week at White Hart Lane.
But Spurs and Townsend have shaken hands on an improved deal worth £15,000 a week. There will be scope for additional pay hikes in the future should Townsend continue to impress.
For a long time, Townsend had seemed destined to move on from White Hart Lane, having spent nine separate loan periods away from the club over the past four years—to limited success.
It was the final of those loan moves, when QPR handed Townsend a first opportunity of regular playing time in the Premier League, that helped Townsend finally earn a major role in the Spurs first-team squad.
Townsend's late progression is a cautionary tale to those who make early judgements on a player's suitability for first-team football. Some players naturally develop later than others and, at his age, Townsend may be one of the later bloomers in the Premier League.
His development also demonstrates that loan moves must be thought out and considered if they are to prove successful. Loans can be of great benefit to a young player, but are not always representative of what a player can achieve if they end up in a side unsuited to their own individual style.
The arrival of Townsend on the Premier League scene this year is a major positive for England head coach Roy Hodgson, at a time when English football's youth development strategies have come in for considerable criticism.
Along with Ross Barkley and Ravel Morrison, Townsend is one of a group of players helping to breathe new life into English football, adding to the impact that James Ward-Prowse, Luke Shaw and Raheem Sterling made last season.
Tottenham were quick to offload several English players—including Steven Caulker—this summer, adding top talents from around Europe and South America in their place.
Following Townsend's impact in a struggling QPR side last season, Townsend was one of the English players to survive the cull and has already made himself a regular in the first-team this campaign.
With a new contract now on the way, Townsend continues to make significant strides toward establishing himself as a leading domestic talent in a league that, per BBC Sport, has seen English players make up for less than a third of minutes played this season.