The English paper claimed that Spurs are willing to allocate more transfer funds for January, which could prompt Pavlyuchenko's departure.
Moreover, Real coach Ramos, who originally brought Pavlyuchenko to White Hart Lane in the summer, is looking for another man upfront.
The Primera Liga champions lured Klaas-Jan Huntelaar from Ajax recently, in an attempt to provide cover for long-term absentee Ruud Van Nistelrooy.
Meanwhile, Russia striker Pavlyuchenko seemed flattered in response to the Real link.
"If they make an offer for me, of course I will go," the 27-year-old said.
"They're my favorite club in all of Europe and I only follow the Spanish La Liga so I know how they have played."
Rumor has it that Egyptian striker Amr Zaki was shortlisted by Real in recent weeks, but the latter opted for Dutchman Huntelaar.