Tottenham make a major move for Tonali
Tottenham’s pursuit of Sandro Tonali has reached its most advanced point yet, with the club submitting an offer above €100 million to Newcastle. The size of the bid signals serious intent, though Newcastle haven’t responded and are believed to value the midfielder well beyond that figure. That leaves a clear gap between the clubs’ reported positions, even as their discussions appear to be gaining momentum.
Transfer reporter Gianluca Di Marzio, citing Sky Italia, says Spurs improved on an earlier rejected offer with a proposal “slightly above €100m.” He also reports significant progress in discussions between the clubs and says Tonali and Tottenham have “never been closer than they are now.” The deal remains unresolved. Those reports point to more than a speculative approach, but they don’t establish that Newcastle are ready to sell or that the sides have agreed on a price.
Tottenham’s midfield plans take shape
Tonali, 26, has drawn interest from several Premier League rivals. Arsenal were linked with him in January after his representatives offered him to the club, while Manchester United and Manchester City have also been admirers. Tottenham have now moved to the front of the reported chase. That position could matter in a crowded market, but interest from other clubs doesn’t tell us whether any of them are prepared to match Spurs’ bid.
The pursuit comes amid an active summer for Spurs. The club have made four signings while backing new head coach Roberto De Zerbi, and on Tuesday agreed a reported €98 million deal with West Ham for Mateus Fernandes, beating Manchester United to the midfielder. Tonali could become another major addition. The scale and pace of this business suggest Tottenham are trying to reshape the squad around the new coach’s plans, though the practical value of that strategy will depend on how the pieces fit together on the pitch.
Here’s the thing: a large bid can signal ambition without guaranteeing a transfer. Newcastle have repeatedly said they don’t want to sell, so Tottenham may have to decide how much more they’re willing to offer, or whether the current proposal is their limit. That’s a meaningful test of their priorities. A deal at this level would also put pressure on Spurs to make sure the rest of their midfield plans remain workable if negotiations stall.
Newcastle’s reported €134 million transfer of Elliot Anderson to Manchester City has also raised expectations around midfield fees. Newcastle are said to want considerably more than €100 million before considering Tonali’s departure. Whether Tottenham improve their offer may depend on how firmly the club holds that valuation. The Anderson transfer offers a reference point in the reporting, but it doesn’t by itself establish what Tonali is worth to either club.
Archie Gray adds another complication
Talks between Tottenham and Newcastle have also touched on Archie Gray, who could move in the opposite direction. Fabrizio Romano reports that Newcastle’s opening bid for the midfielder was rejected by Spurs. That creates a second negotiation alongside the Tonali discussions, and the two may affect how each club assesses the overall shape of a possible deal. The available reports don’t say that Gray’s departure is a condition of Tonali joining Tottenham.
Tottenham may be reluctant to part with Gray while Lucas Bergvall is pushing to leave. Losing both young midfielders would leave a gap even if Fernandes and Tonali arrived, giving Spurs another decision to resolve as negotiations continue. The issue isn’t simply the number of players added or sold: it’s whether the resulting group has enough depth and balance. If you’re working in this space, that’s the roster question to watch alongside the headline fee.
And yet. A potential transfer involving Gray could still be discussed on its own terms, while Spurs weigh the value of keeping a young midfielder against the chance to bring in Tonali. The source offers no detail on Tottenham’s internal plans, so the outcome remains uncertain. For now, the reported rejection of Newcastle’s opening bid shows that Gray’s future is part of the conversation, not that he’s already on his way out.
What the valuation gap means
Tonali’s reported transfer valuation is €74 million, with an estimated range of €66.6 million to €81.4 million. Newcastle’s reported asking price sits considerably higher, while Tottenham’s offer is already above €100 million. Those figures describe different signals: an estimate, a reported demand and a reported bid. They shouldn’t be treated as a settled measure of what the clubs will ultimately agree.
This is more significant than it looks. The gap suggests Tottenham are prepared to spend heavily, but the club’s next step will reveal whether that opening position can stretch far enough to meet Newcastle’s expectations. A higher offer might bring the sides closer; it might also leave Spurs having to reconsider how much they can commit to one player while other squad decisions remain open.
(And this is the part most people overlook.) Even if the fee is eventually settled, the Gray question and Bergvall’s reported desire to leave could shape what Tottenham’s midfield looks like after the window. More new signings won’t automatically answer those questions. Squad balance, available options and the players who remain will matter too. A deal can be expensive. The fit still has to make sense.
For now, Tottenham have made their move; Newcastle’s response will determine whether the talks advance further. The latest reports describe substantial progress, but they also leave the central issue unresolved: whether Newcastle will accept an offer near the level Spurs have submitted. Until that changes, the transfer is a serious pursuit, not a completed piece of business.