Spurs could look to the West Ham star to solve their current crisis as Mauricio Pochettino is missing key players.
Spurs are priced at 10/1 to swoop in for the Austria international.
Pochettino is currently without Son Hueng-Min and Harry Kane, while Dele Alli also picked up an injury against Fulham.
Arnautovic was too devastated to play in the Hammers' defeat to Bournemouth after his move to the Chinese Super League fell through.
But Arnautovic may be determined to leave the London Stadium and Spurs could be a tempting option as they are currently in the Champions League and competing for a place in the top four.
Betfair's Katie Baylis said: “While there are reports that a move to China has fallen through for Arnautovic we are still taking plenty of bets that he will head East and any Chinese club is still the 7/4 favourite for a move this window.
Betfair: Marko Arnautovic's next club
Any Chinese Club 7/4
Tottenham 10/1
Chelsea 14/1
Man Utd 25/1
Everton 33/1
Arsenal 40/1
Liverpool 66/1
Man City 66/1
"If he was to stay in England but leave West Ham then it’s Spurs favoured at 10/1 and we’ve also seen quite a bit of money over the weekend that he will end up there.”
Arnautovic was initially set for a switch to Shanghai SIPG in a deal which would see him in earn in the region of £300,000-a-week.
The 29-year-old even appeared to wave goodbye to the West Ham faithful in their win over Arsenal.
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