Tottenham asked Newcastle United to reconsider the existing proposal rather than tabling a higher bid. The response was swift and negative. Newcastle's asking price is closer to £100 million, a figure no suitor has yet been willing to match.
New Tottenham manager Roberto De Zerbi has identified the Italy international as his top target this summer. Tonali is open to leaving St. James' Park after three seasons on Tyneside, but his willingness to move does not change Newcastle's valuation.
Manchester United had maintained long-term interest in Tonali but are now understood to be looking elsewhere. Manchester City and Arsenal are also monitoring the situation without yet making a formal approach.
Tonali has four years remaining on his contract at Newcastle and is among the club's highest earners. Any deal to extract him from the north east would be expensive both in transfer fee and wage replacement, meaning only the largest bids are likely to prompt a genuine response.
De Zerbi will need to either convince Spurs's ownership to significantly raise their offer or identify an alternative. The ENIC group has pumped £200 million into the club since last September, with the most recent £100 million injection described by club sources as working capital rather than a direct transfer fund — though it has enabled moves for Jan Paul van Hecke, Andy Robertson, Marcos Senesi and Martin Dubravka this summer.
Tonali served a ten-month ban for betting offences after his move to Newcastle and has spent the past year rebuilding his reputation on the pitch. His performances since returning have been strong enough to attract the attention of several top clubs, and his value reflects that recovery as much as his undoubted ability.