According to Sky Sports News, the 22-year-old has only recently emerged as a target for Spurs, but they've made a significant move for the youngster before a number of Premier League rivals.
"Villa value their prize asset at closer to double that figure—and they could be more interested in a bid from Chelsea, especially as it is likely to see Grealish loaned back to the club for next season," the report continued. "However, despite their precarious financial state, senior sources at Villa believe they may not be forced to sell their star academy graduate after all."
As noted in the report, Villa have been in financial bother of late, with the club avoiding administration after owner Dr Tony Xia managed to secure a loan of £6 million.
However, clubs will surely seek to capitalise on the situation by making a move for some key players, and Grealish is the crown jewel of the team that fell just short of promotion last season, as they lost 1-0 to Fulham in the Championship play-off final.
Harry Sherlock of Goal would like to see Tottenham go for the England youth international:
It's taken a while for Grealish's star to shine bright again, as he fell down the pecking order at Villa following their relegation to the second tier.
In the season just finished under Steve Bruce he was excellent. Given increased responsibility throughout the season and utilised in a more central role, Grealish appeared inspired playing for his boyhood club again and showed he's a cut above the Championship when he turns on the style.
As we can see courtesy of WhoScored.com, after the turn of the year he was one of the best players in the second tier:
With Villa's financial troubles and their failure to earn promotion considered, it appears as though a Villa Park exit is inevitable for the youngster this summer. Matt Law of the Daily Telegraph admitted it's going to be tough for the Championship side to keep hold of him:
While he'll no doubt have a lot of options, a possible move to Tottenham would appear an ideal one for Grealish.
Spurs boss Mauricio Pochettino has worked well with young English players in the past. Grealish has the natural talent to change matches.
At 22 Grealish will know the time is now to take another step forward in his career. There's a lot in place at Tottenham that suggests a switch to north London would be ideal.