The versatile 19-year-old, who can play on the left wing or at left-back, has caught the eye with some impressive performances for Wayne Burnett's Under-23s side this season.
However, Bennetts has failed to break into first-team contention for Spurs, and according to football.london, his representatives are in talks with the Bundesliga club over a summer move.
The report claims that the deal is expected to be announced in the coming days, with Monchengladbach looking to add the youngster to their squad for a fee of around £2m.
Bennett has played for Germany at youth level, qualifying for the nation through his mother, and he is also represented by a German sports agency called SportsTotal.
A number of young English footballers have made the switch to Germany in recent months, including Jadon Sancho, who moved to Borussia Dortmund from Manchester City, Everton's Ademola Lookman, on loan at RB Leipzig, and West Ham United's Reece Oxford, who has been on loan at Gladbach this season.