According to The Athletic, Chelsea have also shown an interest in the Brazilian but have their sights set on Barcelona's Ousmane Dembele who is available on a free transfer this summer.
Leeds are reportedly open to the idea of parting with the star as long as the club's valuation is met.
Raphinha has been a long-standing target for Catalan giants Barcelona and at one stage it looked as though the two clubs were going to strike a deal.
But with debts at the La Liga club spiralling to more than £1 billion, Barcelona will have to rethink how they conduct their transfer activity during the upcoming window.
Arsenal and Tottenham view Barcelona's financial woes as an opportunity to pounce with both clubs showing a keen interest in acquiring the 25-year-old.
Raphinha has performed superbly during his two seasons at Elland Road following a move from French side Rennes in 2020.
The Brazilian has scored 17 goals in 65 games making him a fan favourite in West Yorkshire.
He has two years to run on his contract and while the player has not directly asked for a transfer, Leeds do not anticipate that he will sign an improved deal at the club.
Should Spurs swoop for Raphinha, it would likely end their pursuit of Everton forward Richarlison, with a move for both Brazilians unlikely.
Antonio Conte has been busy in the summer transfer window having already tied up the signings of Fraser Forster and Ivan Perisic and agreeing a fee with Brighton for Malian midfielder Yves Bissouma.
Across north London, Arsenal have so far added 19-year-old Brazilian forward Marquinhos and goalkeeper Matt Turner to their squad ahead of next season.