Lopez spent last season on loan at Spurs and although he did not make a single first-team appearance, he is highly-regarded by boss Mauricio Pochettino.
Spurs have an option to buy Lopez, 22, for €7million (£6.2m) – but that expires at the end of the month. Tottenham have been attempting to renegotiate the offer for Lopez but the clubs have yet to reach agreement.
Espanyol chief executive Ramon Robert said: “There is an option to buy until June 30 and if Tottenham do not pay it, he will be an Espanyol player. If he wants to finish his career here, we will all be very happy to have him.”
Under current circumstances, Lopez would still be third-choice if he returned to Tottenham. Hugo Lloris, the captain, is the undisputed No1, with Michel Vorm his deputy.
Vorm, 33, signed a new deal with Spurs last December, which expires at the end of the forthcoming season. Lloris, 30, is the club’s joint-highest earner on £100,000 per week, and is under contract until 2022.
