Chelsea have been linked with a surprise move for the 25-year-old, who joined from Corinthians for £17m last year.
Paulinho has struggled to make an impact at White Hart Lane and admitted last month that he was frustrated at being rotated by coach Tim Sherwood.
Reports in Brazil have suggested that Chelsea are the favourites for his signature and he is significantly represented by the same agent as Chelsea trio David Luiz, Ramires and Oscar.
Chelsea manager Jose Mourinho is looking to improve his midfield options and can use Tottenham’s interest in striker Romelu Lukaku, who is on loan at Everton, as a bargaining tool.
However, a deal for Paulinho is far from agreed and Chelsea’s rumoured interest will force Real Madrid and AC Milan to step up their bid.
Both clubs have been monitoring Paulinho for some time and are hoping to capitalise on Paulinho’s unsettled situation at Spurs.