With Michael Dawson in the process of completing a move to Premier League rivals Hull City, Spurs manager Mauricio Pochettino is eager to bolster his defensive ranks.
Earlier this month Pochettino saw a move for Villarreal’s Mateo Musacchio fall through, leading the Argentine coach to pursue fellow La Liga defender Fazio.
Monchi claims Sevilla were hoping to negotiate a new deal with their 27-year-old captain but admits they cannot compete with the wages on offer in the English top flight.
"It seems that Tottenham is willing to pay the [release] clause," the sporting director told reporters.
"We are waiting to see the money in the Football League. We are not going to negotiate with anyone because our desire is to keep Fazio in Sevilla.
"Two months ago we talked about his renewal, but it was not possible. When an English team appears interested in one of our players it is difficult because they can multiply player salaries.
"We tried to renew him since last season but the distances were huge even if we were hoping to make a new deal."
Argentine defender Fazio has clocked up 148 appearances for Sevilla during his seven-year spell in Andalusia.