The North London outfit are expected to try to sign the Portugal international in January after failing in the final few hours of deadline day in the summer window to agree personal terms.
Reports have claimed that Spurs are unhappy with Porto's conduct over the transfer of Moutinho and are refusing to pay over the odds for the playmaker in the winter window.
"On a point of principle, there is very little chance that Spurs will offer £24m for Moutinho again," Goal.com quotes a source as saying. "There are plenty of good players out there and we are always looking for value in the market."
There are doubts over the possible capture of Moutinho following Porto's decision to let Hulk leave for Zenit St Petersburg.