Spurs took a big step towards securing Champions League football on Monday night when top-four rivals Arsenal suffered a shock 2-0 defeat to Newcastle at St James' Park.
As a result, Antonio Conte's side are two points clear of the Gunners going into the last weekend of the season, with a significantly better goal difference to their name as well.
It means that Spurs will need to lose to already-relegated Norwich and see Arsenal beat Everton to miss out on a top-four finish
Should Tottenham be playing Champions League football next term, the club will reap the benefit of additional funds as a result of being in Europe's biggest competition - something that Jordan believes must be used solely to strengthen Conte's squad of players.
Speaking on White and Jordan, he said: "It's a huge opportunity, is what it is.
"They wasted a huge opportunity in 2019. Whether they wasted it because they wanted to build a new stadium and they had finances redirected there, or whether they wasted it because they lost faith in Mauricio Pochettino, or whether they wasted it because Daniel's a skinflint, the bottom line is that they wasted an opportunity.
"They've got it again.
"They've got a real, live one in Conte. I don't always like him, I don't always value the way that he operates in the media sometimes, but that's the modern day football manager. They seem to be able to do what they want, when they want and how they want.
"They get to walk on water and every failure is someone else's responsibility and every success is theirs. But he is the real one, so they've got to back him if you want him to win something."
Jordan also told talkSPORT that he senses silverware just around the corner for Spurs with Conte at the helm - as long as Levy gets out his chequebook this summer.
"I do believe that Tottenham can win something under this manager," added the former Crystal Palace owner.
"What that win looks like, whether it's the League Cup, the FA Cup, A Europa League if they get knocked out of the Champions League, or something more significant in years to come, I think they've got a live one here and it's incumbent upon Daniel to take that £40-50m of Champions League money, and hopefully that's not all bonus to the players.
"Let's say £40-50m comes in from the Champions League and that's on top of the £50m, £60m, £70m, £80m that he might have been prepared to give him - I hope Spurs spend £150million and give this guy some proper tools."