Spurs submitted the offer yesterday but it was swiftly rejected, with Villa refusing to sell for less than their £30m asking price.
Any chance of a follow up bid has been snuffed out by new Villa owner Nassef Sawiris. Sky Sports News reports that the Egyptian billionaire has told Grealish he won't be allowed to leave Villa Park before the transfer window closes on Thursday.
Speaking after Monday's win over Hull, Steve Bruce acknowledged Grealish's desire to move elsewhere - but said that the 22-year-old was being very professional about the whole situation.
"We understand the human side," Bruce said after the game, in which Grealish played 83 minutes. "He will want to play in the Premier League, Europe, Champions League."
"The owner has made it clear that he wants him to stay. To be fair to Jack, he has got on with it."
A transfer window which started in disarray for Villa is set to end with them holding off one of the Premier League's biggest teams, with Sawiris determined that the club's best players will stay and help them return to the top flight.
The Villans lost to Fulham in last season's playoff final and came dangerously close to entering administration earlier this summer under the ownership of Dr Tony Xia.
But Sawiris now has them back on track, and Villa will also end the transfer window by signing Joe Bryan from Championship rivals Bristol City for £6m, according to the Bristol Post.