Townsend has not featured for the Spurs first team since suffering a hamstring injury against West Ham on December 15.
However, the 22-year-old World Cup hopeful has recently stepped up his rehabilitation, part of which included a run-out for the Under-21s, and is likely to be back in contention to face Everton on Sunday.
"We are positive on Andros and he has a chance, he is up for selection and is champing at the bit to return," said manager Tim Sherwood on the club's website.
Sherwood confirmed midfielder Mousa Dembele should also be available after missing the draw with Hull City because of an ankle injury.
Tottenham are in sixth place, a point behind Everton, who beat Aston Villa last weekend.
Defender Jan Vertonghen and Younes Kaboul are two more of Sherwood's players to recover full match fitness following lay-offs from respective ankle and thigh problems.
Captain Michael Dawson has welcomed the competition for places that such strength in depth of numbers brings as Spurs look to secure a top-four Premier League finish and also make progress in Europe.
"It is always good to have players back. We have the Europa League starting again soon as well, so there are plenty of games," Dawson said.
"We have top players who want to play, so competition is high and you know you have to perform well to stay in the team.
"We all want the game time and we are all pushing each other."