Tottenham chairman Daniel Levy is in advanced talks over signing Portsmouth defender Younes Kaboul.
And it has been reported that Pompey need to sell the £10million-rated defender in order to cover this month's player and staff wages.
Kaboul left Spurs for Pompey back in the summer of 2008 after just a season at White Hart Lane and the 24-year-old Frenchman has since become a key man at Fratton Park.
The financially-stricken South Coast club are now keen to cash in on one of their prized assets, although it is believed Pompey still owe Spurs £2m from the original move.
"We're keen to bring him back if the deal is good for everybody," said Tottenham boss Harry Redknapp, who was Portsmouth manager when they signed Kaboul.
"We're not trying to buy him on the cheap. We're paying whatever the going rate is for him."
If a deal is agreed, the funds must first be paid by Tottenham to the Premier League, who then forward it to Portsmouth.
It is unclear exactly how much Pompey would receive but they are confident it would cover this month's wages and they are hopeful the deal can go through so that the players are paid by midnight on January 31.
Spurs have also opened talks over signing Pompey goalkeeper Asmir Begovic, although Redknapp insists he is only pursuing the moves with the blessing of beleaguered Pompey boss Avram Grant.
"I said if you don't want to sell them, Avram, we won't get involved," Redknapp added.
"He said 'We need to sell them. We need to make the sales otherwise we are in trouble'."
The Tottenham boss also confirmed that Premier League rivals Birmingham were in talks over want-away Russian striker Roman Pavlyuchenko.
Spurs have sealed the loan signing of Eidur Gudjohnsen until the end of the season, boosting a strike force which also features Jermain Defoe, Robbie Keane and Peter Crouch, yet Redknapp is still reluctant to let Pavlyuchenko go.
"We're not keen to sell him," he added.
"We're happy with him. Technically he's a terrific player."