Lo Celso, who has resurrected his fledgeling career with Betis after a high profile 2016 move to Paris Saint-Germain proved to be a disappointment, has been linked with Spurs all summer.
A report from the Daily Record on Sunday night claimed that a €60m (£55m) deal has been agreed with Betis, broken into a €52m initial fee and €8m in performance-related add-ons.
The story adds that 23-year-old Lo Celsco has been identified as a replacement for Christian Eriksen, a player now in the final year of his Spurs contract, and forms part of an 'aggressive plan add pace and technical quality' to a new-look squad that is being assembled.
It all sounds like excellent news for Spurs fans keen for their club to kick on.
However, a report from Al Final de la Palmera published just hours later paints a very different picture of the saga, dramatically describing a 'rupture in the dialogue' between the clubs.
In that version of events, negotiations between Spurs and Betis have been broken off by the latter, having rejected three offers from the Premier League side and are described as 'upset' with the attitude of both Spurs and Lo Celso himself.
That report goes on to explain that Betis have opened talks with other clubs instead, with Atletico Madrid and Napoli now also believed to be eyeing Lo Celso, who is said to have had a personal agreement in place with Spurs for a number of weeks.
The British and Spanish takes on this saga could not be more diametrically opposed and just one can be correct. Only time will tell which it is, but time is fast running out for Spurs as the Premier League transfer deadline strikes at 5pm (BST) on Thursday 8 August.
The north London side have also been linked with goalscoring midfield Sporting CP star Bruno Fernandes since last week, a player earlier who has also been mentioned as a potential target for Manchester United.