Spurs are desperately looking to sign a striker this month following the injury to Harry Kane.
The north London club have been linked with a host of strikers, and it seems Jose Mourinho has returned to his former club to sign Jovic.
Earlier this week, Defensa Central reported that Mourinho has phoned Real Madrid president Florentino Perez about signing Jovic who has struggled to make an impact this season.
Spurs have now made a loan bid for Jovic but Madrid have quickly rejected the move.
The Serbia international joined Madrid from Eintracht Frankfurt for a reported fee of £62 million, but has struggled to make an impact.
The 22-year-old striker, who scored 27 goals in 46 games for Frankfurt before moving to Madrid, has started only four league games this season.
However, it seems Madrid are not interested in sending Jovic out on loan, which means Spurs will have to look for options elsewhere.