Valencia are understood to have rejected an initial offer of £17million for the star striker who netted 24 goals in all competitions last term.
Spurs narrowly missed out on Champions League football on the final day of the term, but Andre Villas-Boas believes that will not be a factor with Los Che also having to settle for Europa League football.
Villas-Boas is eager to add some much needed firepower to his squad with Emmanuel Adebayor struggling to find consistency and Jermain Defoe picking up a number of injuries.
The north London club unveiled Paulinho as their first summer signing on Saturday, but the Portuguese boss is expected to continue to keep working in the transfer market.
Soldado has netted 59 times in 101 games for the Mestalla outfit since joining from Getafe for €10million.