Mark Hughes has told Sky Sports News that Spurs have accepted Manchester City's shock bid for Dimitar Berbatov.
The Bulgaria international has been a target for Premier League champions Manchester United throughout the summer, but City have now stepped in with an audacious last-minute move.
City's offer for Berbatov is reported to be in excess of £30million and would set a new British transfer record.
Hughes revealed that a fee had been agreed with the North London club and he now plans to hold talks with the talented striker.
Hughes told Sky Sports News: "We have made an offer, I think it's been agreed between ourselves and Tottenham, and it's really about the boy making a decision.
"I'm as stunned and excited by this as the fans are.
"It's really important that we have a good season this year, there's been a lot of disruption and a lot of negative publicity surrounding the club.
"But that's been wiped away in one foul swoop and we can move forward in a positive fashion."
Berbatov has been left out of Juande Ramos' plans for the club's last two matches, with the coach feeling his presence was a disruptive influence on the rest of the squad.
United boss Sir Alex Ferguson admitted at the end of last week he was unsure if the deal would go through before Monday's midnight deadline.
But talks between the two clubs were believed to be ongoing as the clock ticked down.
However, City have now joined the race and are looking to hijack the move, having earlier sold Vedran Corluka to Spurs.