Andre Villas-Boas has confirmed that Tottenham are in talks with Anzhi Makhachkala over the signing of forward Willian.
Willian landed in London on Tuesday and it is understood that Spurs hope the player completes a medical and signs before the weekend.
"I can't really confirm anything regarding Willian. There is interest in the player and there have been conversations," Villas-Boas said at a press conference prior to Tottenham's Europa League play-off against Dinamo Tbilisi.
The Spurs boss does however expect a "frantic" end to the transfer that he admits could see Gareth Bale leave Tottenham.
Bale will sit out the first leg in Tbilisi as he continues to pine for a move to Real Madrid.
While Bale has been recovering from what has officially been branded a foot injury, Tottenham have spent £60million on four new signings and they could shell out that same figure over the next two days should Willian and Roma's Argentinian midfielder Erik Lamela join the club.
There are two schools of thought when it comes to the reasoning behind the uncharacteristic record splurge by chairman Daniel Levy.
One is that he wants to bring the stellar signings in to persuade Bale to stay and the other, more popular one, is that the chairman is already spending the world-record fee the Londoners would receive if Bale left for the Bernabeu.
Villas-Boas was asked which one was the case and he was reluctant to say the new signings had been bought in order to try to tempt Bale to stay.
He said: "Ideally we want to keep everyone to make us stronger - that is the ultimate objective of the club.
"In the end, anything can happen. We are dragging ourselves into the last weeks of transfer activity and it can become very, very frantic."
Villas-Boas denied a deal had already been agreed with the nine-time European champions - "That is not true," he said, but he did concede players would depart before September 2.
Tottenham's biggest spending spree in their history has raised eyebrows in the game, particularly at Chelsea, where manager Jose Mourinho claimed the north London club must now be considered as title contenders.
Villas-Boas, who used to work under Mourinho at Chelsea and Inter, thinks Spurs will not compete for the title this season, but he did admit that it was a possibility in the coming years if the team continue to improve.
"I don't agree that we can be title contenders for this season coming because everything is happening, everything is changing," the 35-year-old said.
"We have to create a team at the moment from all these new players that we have bought.
"We haven't had lots of time to work with them and believe that in the future we can definitely achieve it."
Indeed Villas-Boas, who turned down two offers to leave Tottenham this summer, would love to lead the club to a quadruple just as he did at Porto.
"It is something that can happen in the future.
"In my opinion the English league is the best league in the world and continues to attract the best players to play there.
"That can put you in a very good position to dominate European football and other trophies so it is possible that one day it might happen. It could only be a dream to achieve it with Tottenham.
"What we are building is a very, very strong side for the future, alongside massive investment in the structures of the club.
"So that dream can hopefully happen in a couple of years."
Sandro, Aaron Lennon and Jan Vertonghen have all been rested ahead of Thursday's game against the Georgian champions.
Tottenham later refused to comment on reports in the Italian and Spanish media that technical director Franco Baldini has been in Madrid for discussions with Real Madrid over the transfer of Bale.