a deal was being thrashed out by the two clubs last night and Tottenham were hopeful they would be able to play him in their Carling Cup semi-final with Burnley on Tuesday night.
The deal is thought to include bonuses for Portsmouth should Tottenham succeed in qualifying for Europe at the end of the season. And if the suggested fee of £15m is accurate, it also represents a £5m profit for Tony Adams' club, who only signed Defoe a year ago.
The paper suggests that an announcement is expected today [Monday], and if needed, Tottenham may also waive money Portsmouth still owe them for the signing of Younes Kaboul.
Adams has been adamant that Defoe, the 26-year-old England international, will remain at at Fratton Park. "If he needs convincing to stay, I will convince him,' he said. 'At the moment he is a Portsmouth player and until you hear otherwise, I am positive he will stay.'
Defoe, who has made no secret of his desire to return to Tottenham, last week insisted that though he had no problems with Portsmouth's new management team the main reason he had signed for the club was Harry Redknapp.
"If Portsmouth can agree an acceptable deal with Tottenham I would like the opportunity to talk to them," he said.
"I've enjoyed my time immensely here, but I can't deny that Harry Redknapp's departure as manager hit me hard, particularly because he was the primary reason why I joined Portsmouth in the first place - and I said so at the time."
"I have a great deal of respect for Tony Adams and what he's trying to achieve. We have a very good working relationship.
"But I left Tottenham to join Portsmouth with the intention of working with Harry for a considerable time to come. So it was obviously a big blow when he left and particularly when he went back to my former club."
Interest in Defoe has also been expressed by Manchester City and Juventus, who over the weekend were said to have tabled a £20m bid.