Reguilon has fallen in the pecking order under Ange Postecoglou and was sent out on loan to Manchester United at the start of last season.
However, the 27-year-old full-back made just 12 appearances at Old Trafford, only seven of which were starts, before his loan spell was terminated in January.
At that time, United's medical staff believed both Luke Shaw and Tyrell Malacia would be fit for the second half of the season, which prompted the club's decision to end his loan early.
Following his brief stint in Manchester, Spurs opted against bringing him back to North London and sent him on another loan to Brentford for the second half of the campaign.
Reguilon 'desperate' to leave Tottenham Hotspur Stadium this summer
According to Football Insider, Reguilon is now 'desperate' for a move away from Tottenham Hotspur Stadium this summer and is hoping for a permanent transfer to allow him to settle at a new club and refresh his career.
The report adds that the Lilywhites are open to allowing the 27-year-old Spaniard to depart and are willing to listen to suitable offers for his signature.
Reguilon has now entered the final 12 months of his current deal with the club, which has likely prompted Spurs to try and cash in on him while they still have time.
It is understood that Brentford are considering bringing him back to the Gtech Community Stadium, while Barcelona have also been credited with an interest in the player.
Tottenham forked over £32m to sign the Spaniard on a five-year deal from Real Madrid, and he has made 67 appearances, scoring two goals and providing eight assists since his arrival in 2020.
Spurs looking to balance the book in expensive summer
Spurs have had a fairly expensive summer so far, with the £65m acquisition of Dominic Solanke, who is now the club's record signing.
The Lilywhites also secured the signature of midfielder Archie Gray from Leeds United earlier this offseason in a deal worth around £30m, with defender Joe Rodon moving in the opposite direction.
Reports suggest that Tottenham are now looking to balance the books by allowing a few of their out-of-favour players to leave before the transfer window closes.
Reguilon is believed to pocket around £120,000 per week at present and his departure will allow Spurs to use those funds elsewhere, while the club have also recently confirmed the sale of Emerson Royal to AC Milan in a deal worth around £13m plus add-ons.