Tottenham have until June 30 to exercise a clause to buy goalkeeper Pau Lopez from Espanyol.
Lopez, under contract with Espanyol until June 2018, joined Spurs on a season-long loan last summer, with the Premier League side given the option to acquire his sporting rights for a reported €7 million.
"He [Pau] is a Tottenham player until June 30 and they [Tottenham] have a buy option until then, which they can exercise," Espanyol club delegate Ramon Robert said in a news conference: "If they don't, Pau will be an Espanyol player."
Sport newspaper recently reported that negotiations between the two clubs had broken down with Spurs only willing to pay €2.3m for the 22-year-old.
Lopez was third-choice at Spurs, with France international Hugo Lloris starting in 34 Premier League games and Michel Vorm making five league appearances, four as a starter.
Lopez made no first-team appearances for Spurs in the 2016-17 campaign but does not regret his experience in England.
"I knew I wasn't going to play much but I wanted an experience in the Premier League," he told Marca last week. "I knew that by going abroad, I would be outside my comfort zone and that makes you grow up as a man and as a player.
"I'm very happy with the experience. For the time being, I'm a Tottenham player until June 30. I don't know what will happen but if I have to return to Espanyol, I'll be happy. Espanyol is my home, I've been here [at Espanyol] eight years."
A youth product of Espanyol, Lopez made 48 appearances for the Barcelona-based club after making his full debut in 2014.
Named in the Spain squad for the upcoming European Under-21 Championship, he will compete against Athletic Bilbao's Kepa Arrizabalaga and Ruben Blanco of Celta Vigo for a starting place.