Tottenham Hotspur have had an offer worth in the region of £75 million ($100m) rejected by Newcastle United for Sandro Tonali, sources have confirmed to ESPN.
The 26-year-old is a top target for Spurs as they look to rebuild under Roberto de Zerbi after narrowly avoiding relegation from the Premier League last season.
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Sources suggest Newcastle are demanding a fee closer to £100 million ($133m) for the midfielder, who has three years remaining on his current contract with the club retaining an option for a further year.
Newcastle would prefer Tonali to stay but there is a growing sense the Italy international wants to leave. Spurs have been encouraged in preliminary talks that he wants to join them but Manchester City are also thought to hold an interest. Arsenal were sounded out as a possible option in January.
Newcastle signed Tonali from AC Milan for £55 million ($73m) three years ago.
Although Tottenham's offer fell short of Newcastle's valuation, it is a sign of the step change in Spurs' approach to the summer market.
Their previous record transfer fee is £65 million ($86m), paid to Bournemouth for Dominic Solanke in 2024, comprising £55 million plus a further £10 million in add-ons.
Spurs have already signed Jan Paul van Hecke for £51.8 million ($68.8m) from Brighton in addition to landing Andy Robertson and Marcos Senesi on free transfers.
