Spurs didn't make any moves in the summer transfer window, but speculation was rife surrounding Grealish and a potential move to White Hart Lane.
It was understood that Spurs were looking to take advantage of Villa's precarious financial situation with a bid for their star man, but a change of ownership saw fortune swing in the Midlands club's favour, and the sale of Grealish no longer seemed necessary.
However, with Villa languishing in mid table after six games, Grealish could still look to leave the club and realise his potential in the Premier League, with Spurs ready to pounce on any potential deal.
According to football.london's Tottenham correspondent Alasdair Gold, much of Tottenham's January business could depend on outgoings, and if Mousa Dembele leaves the club, Spurs could look to replace him with Grealish.
It's understood the club is still looking to increase the number of homegrown players in the squad, and Grealish would help in this sense, as well as giving the side a new dynamic on the pitch.
Aston Villa fans will be hoping their club can make a charge up the Championship table and hold onto their star player, the outlook could be grim if they manage neither.