The 21-year-old is regarded as one of the best wingers in La Liga and would be interested in a move to Spurs.
News of the World says Redknapp is keen to strengthen his midfield in January.
Sevilla have tried to agree a new contract with Capel, but have failed with agree on a deal.
Capel said: “During my time here I have matured and I really enjoy playing for this club. I have no problem with the contract talks as I prefer to live day to day.”