Bahoya, 21, joined Eintracht Frankfurt in January 2024, and has produced consistent performances for the German club since making the move.
The French forward scored three goals and provided four assists in 27 league appearances last season, starting 15 of those matches.
He holds a contract with Frankfurt that runs until the summer of 2029, giving the Bundesliga club control over the terms of any future sale.
Bahoya has been linked with a move to Arsenal in recent months, with his performances on the wing attracting attention from across the Premier League.
Tottenham have now entered the picture as a rival suitor from north London, with the club searching for attacking reinforcements ahead of next season.
Manchester City winger Savinho, 22, is also reportedly closing in on a move to Tottenham, with the club exploring multiple options to strengthen its forward line.
According to The Athletic, the price for any deal involving Bahoya would need to be right for Tottenham, with the Frenchman viewed as an alternative option rather than a primary target.
Tottenham are understood to have already made contact with Bahoya's representatives over a potential move.
Reports also suggest the winger looks increasingly likely to leave Frankfurt this summer, regardless of which Premier League club he ultimately joins.
Tottenham finished 17th in the Premier League last season, a campaign that fell well short of expectations and one that has prompted a significant rebuild across multiple areas of the squad.
Bahoya's versatility and eye for goal from wide positions have made him an increasingly attractive target across Europe since his move to Frankfurt, with his stock continuing to rise after a productive spell in the Bundesliga.