The midfielder has been heavily linked with a move to Spurs' London rivals Chelsea for the past six months and the Blues were hoping to conclude a deal for the Colombian this month.
However, they have so far failed to seal the transfer and apparently Spurs are now ready to hijack the deal.
Tim Sherwood has yet to add any players to his squad this month but with Etienne Capoue tipped to leave for Napoli he would have room in his midfield for someone like Guarin.
The Gazzetto dello Sport in Italy reports that Spurs have made their interest in Guarin known to Inter and are ready to table a bid for him, said to be in the region of £8m, as they look to beat Chelsea to his signature.
It remains to be seen if this development will alert Chelsea and trigger a counter offer but Spurs will hope they can secure him before the window closes at the end of the month.