Reports emerging this morning have suggested that the former Chelsea manager has one month to convince the Spurs hierarchy that he remains the best man for the job.
The North London outfit sit ninth in the Premier League table, having lost two of their last three fixtures - including a 6-0 demolition to Manchester City last weekend.
According to The Mirror, both managerial veterans are being lined up by the Lilywhites as short-term solutions in the event that Villas-Boas fails to spark an upturn in fortunes, with Hiddink touted as favourite for the position.
Hiddink led Chelsea to an FA Cup success and a Champions League semi-final in 2009 after temporarily taking the reins at Stamford Bridge from Luiz Felipe Scolari.
The Dutchman has been out of the game since quitting his post with Russian outfit Anzhi Makhachkala in July, while Heynckes announced his retirement from football after guiding Bayern Munich to an unprecedented treble last season.
Tottenham host reigning Premier League champions Manchester United at White Hart Lane this afternoon, with kick off scheduled for 12pm.