The Argentinian international was removed from Spurs’ preseason squad last month in order to negotiate a potential exit away from North London.
The 26-year-old joined the Yellow Submarine on a six month loan in January and became a key player for Unai Emery in the second half of the 2021/22 campaign in Spain.
The two clubs have been locked in talks over a deal, with Spurs boss Antonio Conte already bringing in Malian star Yves Bissouma as his midfield replacement for the Premier League giants.
Previous reports claimed Spurs initially valued Lo Celso at €30m with Villarreal unwilling to bid over €20m for the former Real Betis star.
However, reports from Marca claim Villarreal are now looking to drop that fee to around €15m, but Tottenham are willing to accept a lower bid, as Conte looks to offload players this month.