Mauricio Pochettino will be allowed to spend around £60million in the upcoming transfer window according to the report.
Zaniolo, 19, is having a decent season in Serie A, bagging six goals and two assists across all competitions.
The 6 feet tall midfielder joined the Italian side last year on a five-year deal.
He holds the record for being the youngest ever Italian to score a brace in the Champions League.
Zaniolo made his international debut last month in the Euro 2020 qualifiers against Finland.
Grealish- a key man for Aston Villa
Grealish is currently enjoying the best season of his career with the Lions.
Since his return from injury, the English midfielder has inspired his side to a sequence of wins in the Championship.
Grealish has scored some wonderful goals and provided key assists as well.
The 23-year-old was also named in the Championship team of the year. The Lions are currently fifth in the Championship table as a result of 10 straight wins.
Interest from other clubs
Why should Spurs consider a move for Grealish?
Given the fact that Spurs haven’t wasted a dime in the last two transfer windows, Pochettino can make good use of the upcoming transfer window by signing Grealish.
With Christian Eriksen’s future at the club uncertain, Grealish would be the right player to fill this void.
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Spurs made history upon beating Manchester City in the Champions League quarter-finals.
The North London side will be facing Ajax in the semi-finals.