The former Chelsea managers first priority is to replace midfielder Luka Modric, who joined Real Madrid for £33 million on Tuesday, and use the funds raised on top targets prior to the transfer deadline on Friday.
Fulham, on Tuesday, agreed a fee of £15 million from their London rivals Spurs for playmaker Moussa Dembele. The 25-year-old midfielder completed a medical the same night. The Belgium international had been targetted by several top clubs like Manchester United, Real Madrid, Liverpool and Arsenal.
Spurs also target Porto midfielder Joao Moutinho who reckons to be Villas-Boas top target this summer. However, the White Hart Lane club will have to shell-out £30m for the Portuguese star who shined during Euro 2012.
Meanwhile, Spurs are also eyeing Lyon goalkeeper Hugo Lloris who will cost around £12m while Shakhtar Donetsk recently rejected a £11.8m bid for striker Willian. The Ukrainian side demand £20m for their Brazilian star.
The Londoners are also believed to be interested in CSKA Moscow forward Alan Dzagoev. But the 22-year-old Russian will cost £25m, however, Spurs are likely to bid on a much reduced price.
Spurs Dutch playmaker Van der Vaart is set to join his former club Hamburg for £9 million. Defender Michael Dawson took a u-turn on his future after rejecting an offer from Queens Park Rangers.
Barcelona winger Ibrahim Afellay has hinted a move to London with Tottenham and Arsenal interested to sign the Dutch star. This move could threaten winger Lennon's place in the squad.