Everton's David Moyes and Wigan's Roberto Martinez had also been in the running, but Spurs chief Daniel Levy wants Villas-Boas - who won the Portuguese title and Europa League with Porto last year - to lead the north London club into a new era.
The Guardian's report adds that Villas-Boas's acceptance of the job will depend on how much backing he is given in the transfer market. The retention of midfielder Luka Modric - whom Villas-Boas tried to sign while he was at Chelsea - is thought to be one of the key aims.
Villas-Boas was sacked by the Blues earlier this year following a terrible run of form, and amid widely-reported stories suggesting a major rift had developed between the manager and his senior players.
He had been appointed on June 22, 2011, on a three-year deal and Chelsea had to pay £13.3 million to trigger an escape clause in his contract at Porto.
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