The north London duo are linked with Correa by Corriere dello Sport, along with Everton, while Paris Saint-Germain are said to have cooled their interest in the Argentina international.
It remains to be seen where Correa might end up, but Arsenal and Spurs could undoubtedly both do with strengthening up front ahead of next season.
The 26-year-old caught the eye with eight goals and three assists in Serie A last season, and it would be interesting to see what he could bring to the Premier League if he were to move here.
Arsenal would surely benefit from more options in attack after a dip in form from Pierre-Emerick Aubameyang last season, while Nicolas Pepe and Willian have also been disappointing.
Spurs, meanwhile, have been overly reliant on Harry Kane, so would surely do well to bring in Correa as an upgrade on the likes of Lucas Moura and Steven Bergwijn up front.