As Malbranque's under contract until 2007, perhaps the Cottagers will wait one more year before cashing in.
However, if someone comes in with "silly money" for the midfielder, it's unlikely that Fulham boss Chris Coleman will reject the bid - as the cash can be used for squad rebuilding.
Malbranque, by his own admission, has not been as effective as usual this season and is now being employed out wide - as opposed to his preferred position behind the strikers.
Spurs may have an advantage in the race to sign the 25-year-old, who is already settled in London.