The two North London outfits are currently bidding for different goals in the upper echelons of the Premier League table having endured contrasting seasons.
Arsenal currently hold a six-point lead at the top of the standings, albeit having played one more game more than Manchester City.
Meanwhile, Spurs, who do not have a permanent manager at the helm, are three points adrift of the top four and have played one match more than fourth-placed Manchester United.
Nevertheless, the two clubs will already be assessing their options ahead of the summer transfer window, which includes adding homegrown talent to their respective squads.
According to transfer expert Fabrizio Romano, the Gunners and Lilywhites are monitoring any developments with the future of Wood.
The former Middlesbrough youngster has established himself as a regular starter for Swansea this campaign, making a total of 35 starts in the Championship.
Although the Welsh outfit have endured a disappointing campaign, Wood has been one of the shining lights, recently featuring in a run of 10 points being collected from a possible 12.
Wood has also earned recognition with England Under-21s, further enhancing his stock in the eyes of top-flight clubs who are now seemingly considering making a bid.
Swansea's financial situation has been well-documented in the past, but head coach Russell Martin suggested earlier this week that more investment may be on the horizon.
That would strengthen the Welsh club's chances of retaining the services of the 20-year-old, who has just over a year remaining on his contract.
Romano adds that Swansea's hierarchy intend to try to extend the prospect's deal, something which may prove beneficial to all parties.
Before this season, the only period that Wood had earned senior game time at senior level was during a loan spell with Crewe Alexandra in League One during the 2020-21 campaign.