Zagreb president Mirko Barisic revealed early on Monday that they had agreed terms with an unnamed club for the two teenagers.
Now executive director Zdravko Mamic - who handles the club's transfers - has clarified the situation, insisting that a deal was not yet done, but he did confirm that it was Spurs they were talking to.
"Discussions and negotiations with Tottenham are still ongoing, but this job is absolutely not done," Mamic told a specially convened press conference.
"And Tottenham is not the only one interested, but we hope that transfer will be realised and that Tin and Alen will go to Tottenham, but no-one can guarantee that.
"If the business was done, we would say so and if the transfer is completed, they will both stay at Dinamo.
"I can also reveal that there are many clubs after both of them, there is not a club from the top 20 in Europe that didn't ask us about them."
Reports suggest that midfielder Halilovic and defender Jedvaj would cost Tottenham a total of £17.3m.