The 26-year-old cost Spurs £17m from Corinthians in 2013 and scored six goals in 30 Premier League appearances during an indifferent debut season.
However, has has played just once in the top flight this campaign, with new Spurs manager Mauricio Pochettino seemingly uncomfortable deploying him in one of two holding roles in front of his defence.
With Tottenham well stocked in central midfield, Paulinho could be dispensed with when the transfer window reopens, and the London Evening Standard claims that his former club want to take him back to Brazil.
Corinthians, though, are unlikely to be able to afford a purchase and therefore a loan deal seems the most viable option, with the player keen to play in order to revive his international hopes.
Chelsea and Real Madrid were both previously linked with Paulinho, but his reputation has since been damaged by his fall from grace at White Hart Lane and a poor World Cup campaign on home soil.