The 29-year-old was signed by La Dea for a £12.2m fee from Genk in the summer of 2019 and has gone on to amass an impressive 29 goals and 27 assists in 129 outings for his current club in all competitions.
Malinovskyi has been a consistent performer for Gian Piero Gasperini's side across the past three seasons, and he ended the 2021-22 season with 10 goals and seven assists from 41 games in all tournaments.
However, the Ukraine international's efforts were not enough to steer Atalanta into Europe for the 2022-23 campaign, as La Dea finished eighth following a disappointing Serie A run.
Malinovskyi was also named on the bench for Atalanta's opening win over Sampdoria at the weekend, with Mario Pasalic preferred behind Luis Muriel and Duvan Zapata.
The former Shakhtar Donetsk man nevertheless came off the bench to assist fellow substitute Ademola Lookman, but his future is now being called into question.
Malinovskyi's existing contract at the Gewiss Stadium will expire at the end of the current campaign, which could tempt Atalanta into a cut-price sale this summer.
According to TuttoAtalanta.com, Tottenham are at the head of the queue to sign the Ukrainian playmaker and have already submitted a proposal to Atalanta.
The Lilywhites are supposedly keen to take Malinovskyi on loan with an option or obligation to buy in 2023, but the Italian side are keen to sanction a straight sale in the current window.
The report adds that the 29-year-old has already given the green light to a move to the Tottenham Hotspur Stadium, and it is now up to the two clubs to try to thrash out an agreement.
Nottingham Forest have also been credited with an interest in signing Malinovskyi, having already done business with Atalanta for the acquisition of fellow midfielder Remo Freuler.
However, Tottenham's participation in continental competition sees them hold a significant advantage over the Tricky Trees as they attempt to strike an eighth deal of a busy summer window.
On Tuesday evening, the Lilywhites confirmed the signing of Udinese left-back Destiny Udogie, who will remain with Le Zebrette on loan for the remainder of the 2022-23 season.
Yves Bissouma, Richarlison, Djed Spence, Fraser Forster and Ivan Perisic have also signed permanent deals with Antonio Conte's side, while Clement Lenglet has joined on loan from Barcelona.
Malinovskyi moving to North London would see him reunite with former Atalanta teammate Cristian Romero, whose stay in North London is expected to be made permanent imminently.