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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Summer 2016 is set to be a very exciting time for football fans, as this is when the long awaited Euro 2016 tournament kicks off.
Since Guus Hiddink arrived at the helm, Chelsea have improved considerably after a tricky start to the campaign.