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Tottenham Hotspur appear poised to lose one of their key players this summer, with LaLiga heavyweights reportedly leading the race to secure his signature.

The club’s upcoming transfer activity is likely to depend on whether they retain their place in the Premier League or drop down to the Championship.

Currently sitting just a single point above the relegation zone and with seven fixtures remaining, Spurs face a genuine risk of slipping into the second tier for the first time since the late 1970s.

Should Tottenham be relegated from the Premier League, the financial repercussions would be severe. Some estimates suggest that the club’s revenue could fall by as much as £261 million if they are competing in the Championship next season.

Tottenham’s most recent wage bill stood at around £254 million — significantly higher than the Championship’s average of approximately £38 million.

Consequently, the club would almost certainly need to offload some of their top earners if relegation occurs. However, one star seems destined to depart regardless of the club’s league status.

Cristian Romero joined Spurs from Juventus in the summer of 2021 for £42 million. He was appointed club captain last August, shortly after signing a new four-year deal.

Transfer expert Fabrizio Romano has revealed that the centre-back has a “gentlemen’s agreement” with Tottenham, allowing him to move to a Spanish club “in case of good proposals.” This understanding was reportedly reached during the tenure of former chairman Daniel Levy, who stepped down in September last year.

According to Spanish outlet Marca, Romero, aged 27, has a €60 million (around £52 million) release clause in his contract, which would permit a move to Real Madrid, Barcelona, or Atletico Madrid.

Marca further reported that Real Madrid “admire his qualities and are aware of this clause.” However, Romano clarified that there is no formal written clause in the contract and that no specific transfer fee has been fixed, though he still anticipates the Argentine defender will leave Spurs this summer.

With three years remaining on his contract and Romero still in his prime, Tottenham would likely expect to command a fee higher than the reported €60 million (£52 million) for the 2022 World Cup winner.

The club captain has publicly criticised the Tottenham management twice this year via social media — first after a 3-2 defeat to Bournemouth in January, and again in February shortly after the transfer window closed.

Romero is part of a Spurs side that has yet to record a Premier League victory in 2026, a poor run of results that led to the dismissal of former manager Thomas Frank last month.

Igor Tudor was appointed as Frank’s successor but has struggled to reverse the team’s fortunes, losing five of his seven matches in charge. He will be hoping to still be at the helm when Tottenham travel to Sunderland on April 12.