The 21-year-old was linked with a move to Spurs in the January transfer window, while the likes of Juventus and AC Milan were also believed to be keeping an eye on the Italian defender.
Calafiori is known for his versatility and is equally comfortable playing in central defence as well as at full-back.
According to Oggi Sport Notizie, Spurs will continue to monitor Calafiori's progress for the remainder of the season and will revisit the possibility of signing the highly-rated defender in the summer.
However, the report adds that the North London club may face competition in securing the services of the 21-year-old, with Juventus and both Milan clubs also showing interest in the player.
In addition, it is understood that another Premier League club is also keeping tabs on the defender's progress, though the report does not mention who the potential suitor may be.
Juventus are believed to be considering Calafiori as a potential replacement for Alex Sandro, who is likely to move on from the club at the end of the season.
Spurs brought in defenders Destiny Udogie from Udinese and Micky van de Ven from Wolfsburg last summer but are expected to bolster their defence further this season, especially if they return to European competition next term.
Calafiori arrived at Bologna from Basel in August last year, and his current contract is set to run until the summer of 2027.
The Red and Blues paid in the region of £3.5m to bring the player to Serie A, but it is still unclear as to what their asking price is likely to be if an exit is on the cards.
Calafiori is yet to make his senior debut for his national team but has represented Italy at various junior levels from the Under-15s all the way up to the Under-21s.
The 21-year-old has made 21 appearances for the Serie A outfit, and a switch to Spurs would see him link up with compatriots Guglielmo Vicario and Udogie.
Ange Postecoglou's side are currently in fourth place in the Premier League standings with 43 points after 22 matches, three points behind Arsenal in third.