The 22-year-old is currently earning less than £10,000-a-week at White Hart Lane.
The Sunday Mirror reports that Spurs are ready to hand the winger a new deal that will see his annual salary increase to around £2million.
Townsend signed a new five-year contract with Spurs two years ago.
The winger scored in England’s 4-1 victory over Montenegro in a World Cup qualifier on Friday night.
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Liverpool have unveiled their new home kit for next season, sticking with the hugely popular retro styling of the current shirt.
The reputation of the Premier League means it is the most popular and one of the most watched leagues in the world.