The Guardian claims that the 34-year-old, who was fired by Chelsea in March after a turbulent eight months in charge, has been in talks to replace Harry Redknapp since last Friday and is now the club's first choice to take over.
Everton's David Moyes and Wigan's Roberto Martinez had also been in the running, but Spurs chief Daniel Levy wants Villas-Boas - who won the Portuguese title and Europa League with Porto last year - to lead the north London club into a new era.
The Guardian's report adds that Villas-Boas's acceptance of the job will depend on how much backing he is given in the transfer market. The retention of midfielder Luka Modric - whom Villas-Boas tried to sign while he was at Chelsea - is thought to be one of the key aims.
Villas-Boas was sacked by the Blues earlier this year following a terrible run of form, and amid widely-reported stories suggesting a major rift had developed between the manager and his senior players.
He had been appointed on June 22, 2011, on a three-year deal and Chelsea had to pay £13.3 million to trigger an escape clause in his contract at Porto.