The Argentina international returned to North London for pre-season on the back of an 18-month loan with Villarreal, helping the Yellow Submarine reach the semi-finals of the Champions League in 2021-22.
Lo Celso was heavily linked with a permanent move away from the Lilywhites in 2023, but he was given the chance to prove himself under Ange Postecoglou and ultimately stayed put.
A similar story arose in the January transfer window, by which point Lo Celso had failed to reignite his Tottenham career, and Barcelona were apparently showing interest in a mid-season deal.
Ex-Blaugrana attacker Lionel Messi allegedly gave his compatriot a glowing review to his old employers, but Spurs had no intention of losing a first-team midfielder midway through the campaign, and the window shut with Lo Celso still in the English capital.
Tottenham considering contract renewal for Lo Celso
However, the 28-year-old has only appeared on 19 occasions in all competitions this season - scoring two goals and setting up two more - and just four of his 17 Premier League outings have come from the first whistle.
With James Maddison, Yves Bissouma, Rodrigo Bentancur and Pape Sarr all preferred in the central areas, Lo Celso has been widely expected to leave this summer before he enters the last year of his agreement with Tottenham.
A recent report claimed that Spurs were anticipating multiple bids for the former Real Betis man, but according to AS - via football.london - the Lilywhites are instead planning to offer him a new deal.
The report claims that Lo Celso could be in line for a two-year renewal until the end of the 2026-27 season, and Tottenham could even offer him an increased salary in a bid to retain his services.
It is unclear whether the South American would accept such terms, though, as he is not likely to be short of suitors this summer and could also expect more frequent starts elsewhere next season.
Should Tottenham be looking to extend Lo Celso's deal?
News of Spurs supposedly considering a new deal for Lo Celso - let alone one with a pay hike - has come as something of a shock, especially considering his peripheral standing in Postecoglou's team.
The Argentina international did briefly manage to prove his worth to his manager over the winter, netting in back-to-back matches against Aston Villa and Manchester City before supplying two assists against Bournemouth on New Year's Eve.
Hamstring and muscular injuries have since plagued Lo Celso, though, and he is still waiting for his first Premier League start of 2024, earning a total of just 55 minutes off the bench in the current calendar year.
Furthermore, Postecoglou could also try out Dejan Kulusevski in a central experiment, further limiting Lo Celso's opportunities for starts in an advanced role, which he is far more suited to than a deeper midfield position.
Pierre-Emile Hojbjerg and Oliver Skipp's possible exits would leave Spurs with a big decision to make regarding Lo Celso, but the Lilywhites should recoup a nominal fee this summer and invest their monies into bringing in a new face into their engine room, potentially a Conor Gallagher or James Garner.