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The 52-year-old Italian, who led Inter Milan to the Serie A title last season, has entered into advanced talks with Spurs and is closing in on an 18-month deal.
Conte’s deal with Spurs would be worth a reported £15m per season after Nuno was sacked by Tottenham on Monday.
The former Inter manager was linked with Spurs in the summer, but the Premier League club were unwilling to meet Conte’s demands.
However, Tottenham chairman Daniel Levy has now handed Conte a contract equivalent to £290,000 per week and will provide him with transfer funds.
The Sun now reports that Spurs will open their war chest and bolster Conte’s activity in the transfer window with a significant £150m investment.
Tottenham languish in ninth place after losing five of their opening 10 Premier League matches.
Nuno, who was appointed Spurs boss in June, saw his ill-fated spell at the club come to an end after a 3-0 home defeat to Manchester United on Saturday.
The 47-year-old Portuguese head coach exited north London with eight wins, two draws and seven defeats in all competitions with Spurs.
Tottenham managing director Fabio Paratici said: “I regret we have had to take this decision.
“I know how much Nuno and his coaching staff wanted to succeed. Nuno’s a true gentleman and will always be welcome here.”
Tottenham confirmed in a club statement that coaching staff Ian Cathro, Rui Barbosa and Antonio Dias had also been “relieved of their duties.”
Ryan Mason will reportedly be appointed caretaker manager of Spurs ahead of Conte’s official appointment as Tottenham boss.
Spurs will now return to action on Thursday as they host Vitesse at the Tottenham Hotspur Stadium for their Europa Conference League clash.