The Croatia international joined Spurs from Portsmouth at the end of the summer transfer window last year, but has seen opportunities limited at White Hart Lane.
However, the 26-year-old was given the chance to show his class for his country on Saturday night and his first-half double proved enough to send Croatia top of Group F in Euro 2012 qualifying with a 2-1 victory over Israel in Ramat Gan.
Kranjcar got his first from the penalty spot in the 38th minute and added a second from open play four minutes later.
Liverpool, Aston Villa, Everton and Monaco have also been linked with Kranjcar, but the News of the World claims Chris Hughton's Magpies are leading the chase for the Zagreb-born schemer.
Last week, Kranjcar told the Independent he was "waiting for his chance" with Spurs and would "work hard" but he may yet be tempted by the prospect of a switch in a couple of months.