The 21-year-old Canadian is out of contract in the summer and if he were to leave Ewood Park he would go for a knock down fee which would be settled by a tribunal.
Rovers are keen to keep hold of him, although that looks unlikely.
Spurs had their chief scout Ian Broomfield watching Hoilett again at the weekend as he shone in the fightback against Aston Villa, a draw which takes Blackburn out of the relegation places in the Premier League.
Spurs are not be alone in their pursuit of the player as Arsenal and a host of other top clubs are also keen.
But Rovers' big fear is that he will go to Germany, where his brother playes, as their fee would be considerably less if he were to move abroad and Bayern Munich have been linked.