Jobi McAnuff is set to become Iain Dowie’s first signing of the summer, with Palace already in talks to sign the Cardiff City player.
The highly-rated midfielder has become available as the Welsh club desperately try to bring in funds to avoid entering administration.
McAnuff would make an instant replacement for Wayne Routledge, whose Spurs move is expected to be completed when his contract runs out next month.
Palace were heavily linked with McAnuff during the 2003/4 promotion season, but he eventually signed for Cardiff from West Ham last August.
"Palace are interested in Jobi and their interest is quite serious," a Ninian Park insider told the Western Mail.
"Jobi joining Palace is a possibility. It won't happen today or tomorrow but it could happen next week.
"It's extremely likely that more players will have to be sold. Jobi won't be the only one."
Palace are also believed to be interested in signing Cardiff’s Welsh internation defender James Collins.