According to Sky and multiple sources, the Italy midfielder's agreement with Spurs is in place. What remains unresolved is the gap between Tottenham's bids and Newcastle United's valuation.
Spurs submitted a bid of £75 million, which was rejected. Sky journalist Gianluca Di Marzio reports Newcastle's asking price is £85 million.
Tonali, 26, has played three seasons at St. James' Park since joining from AC Milan in the summer of 2023. He served a ten-month ban for betting offences before returning to become one of the more reliable midfielders in the Premier League over the past two campaigns. He is contracted at Newcastle until the summer of 2028.
Tottenham manager Roberto De Zerbi has identified Tonali as his top target this summer. The player is open to a move to London and has not pushed back on the personal terms Spurs have put in front of him.
Newcastle's position has not shifted. Despite the player's willingness to go and Tottenham's persistence — they have now had two bids rejected — the north east club have shown no sign of accepting below their stated valuation.
Tottenham's ability to close the gap will depend on whether they are willing to raise their offer by a further £10 million or pivot to alternatives. De Zerbi is also pursuing Mateus Fernandes of West Ham United and has been linked with Cody Gakpo of Liverpool, giving the club options if the Tonali negotiation stalls.
Newcastle have Tonali contracted until 2028 and carry no urgent financial pressure to sell. Their leverage is structural. The only way this moves is if Tottenham blink on the fee, or if Tonali himself makes the situation untenable enough that holding him stops making sense.