Ancelotti, who still lives close to the Chelsea training ground, has admitted that he would like to remain in English football after leaving Stamford Bridge last season.
"I love London," he said, according The Mirror. "I love England. I love the football in England. The culture of the football. The atmosphere at the grounds.
"Right now England is the best country in the world for football."
It is understood that the Spurs board feel that the appointment of the former AC Milan chief would lessen the blow of a Redknapp departure from White Hart Lane.