Penaranda was substituted in injury time as England won the Fifa tournament in South Korea and was later diagnosed with a fractured fifth metatarsal.
The 20-year-old striker spent the second half of last season on loan at Malaga, but was used sparingly by their coach Michel and does not want to return to the club for another spell.
The Hornets signed Penaranda from Udinese last summer, before initially loaning him back to the Serie A club, but his performances in South Korea as Venezuela’s Under-20s reached the final have brought other interested parties to the table.
Reports in his home country have claimed Deportivo La Coruna, managed by ex-West Brom boss Pepe Mel, and Roma are keen to sign him this summer.
Roma’s new sporting director Monchi, the man behind Sevilla’s recent success in the transfer market, is also understood to be a fan of Penaranda.
Rony Lopes has refused to rule out a future return to Manchester City despite claiming he remains fully committed to Monaco.
Michel Vorm claims Tottenham are disappointed they will end another season without a trophy but he is confident success will come.
Liverpool manager Jurgen Klopp believes Danny Ings will continue to score goals in the Premier League now he is fully fit.