The Brazilian has been prolific for Al-Hilal in the Saudi Pro League and caught the eye of scouts from across Europe.
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Leonardo, 22, has 15 goals in 29 games this season and is interesting Tottenham ahead of the summer market.
RTI Esporte says Tottenham scouts have been running regular checks on Leonardo, though they will have to pay top price for the youngster.
Al-Hilal rate Leonardo in the £55m class - having signed him in the summer of 2024 from Benfica for £22m.
In terms of Tottenham's plans, everything will hinge on them avoiding relegation this season.