The 23-year-old's 2021-22 season was cut short by a serious knee injury, and he only made 19 appearances for the Lilywhites in all competitions, including 11 outings in the Premier League.
In Tanganga's absence, Antonio Conte stuck with the established backline of Eric Dier, Cristian Romero and Ben Davies as Spurs pipped Arsenal to the final Champions League spot.
Tottenham have also welcomed Clement Lenglet to the club on loan from Barcelona, which would push Tanganga further down the pecking order at Tottenham.
As a result, the Englishman could elect to seek pastures new in the coming weeks in search of regular game time, but he remains contracted to Tottenham until 2025.
According to Italian outlet Calciomercato, Serie A champions AC Milan are showing the strongest interest in Tanganga and are in talks with Spurs over a potential deal.
The report claims that Stefano Pioli's side want to sign the defender on loan with an option to buy, where he could form an English centre-back pairing with Fikayo Tomori.
Tanganga's agents are reportedly due to meet with Milan to discuss a move later this week, and the deal would also see Spurs possess a buy-back clause of an unspecified amount.
The Englishman would seemingly arrive at San Siro to replace the departed Alessio Romagnoli, who left at the end of his contract and has since joined Lazio as a free agent.
Tanganga has spent the past 13 years on the books at Tottenham since joining their academy in 2009 and has now racked up 43 senior appearances for the North London club in all tournaments.
Newcastle United have also been credited with an interest in the centre-back, who is still without a goal or assist in his senior Tottenham career.
Tanganga could be one of several Tottenham players to depart before the current transfer window slams shut, with Antonio Conte already waving goodbye to Cameron Carter-Vickers, Steven Bergwijn and Jack Clarke.
Harry Winks, Giovani Lo Celso, Tanguy Ndombele and Sergio Reguilon were all left out of the Spurs squad for their pre-season tour of South Korea, and Tottenham are expected to be open to offers for the quartet.
Multiple Premier League clubs have been credited with an interest in Winks, with Everton, Leeds United and Crystal Palace all said to be keeping a close eye on developments.
Meanwhile, Lo Celso helped Villarreal reach the semi-finals of the Champions League during his short-term loan spell last term, and the Yellow Submarine are keen to make the Argentine's stay a permanent one.