Portuguese coach insists the former Barcelona man will be given the chance to prove himself after being frozen out of the first-team picture under previous boss, Harry Redknapp
The new coach has not spoken to the Mexican attacking midfielder, and wants to hold off on any decision until he meets with the 23-year-old to discuss his future.
Villas-Boas is expecting Dos Santos back in training in mid-August, assuming Mexico qualify for the later rounds of the 2012 Olympics.
"At the moment this squad is very big, there are still decisions to be made bearing in mind the players that are on the Olympics," Villas-Boas told reporters.
"This can only be done from when Gio returns to the final day of the transfer market. This doesn't mean Gio is available for a transfer, but his situation will be assessed on an ongoing process like most of the players."
The former Chelsea coach called Dos Santos "a high talent" but needs a closer inspection before making up his mind.
"I want to see him in the environment and back to the team," he said. "You always get to know a player a little bit better when you involve him on a daily basis in training. And hopefully by then I can make an even better decision."
The 23-year-old is in the last year of his Tottenham contract. Despite a series of compelling performances for the Mexican national team, Dos Santos struggled to make any headway into the Spurs starting XI under Harry Redknapp, having spent time on loan with Ipswich, Galatasaray and Racing Santander.
Dos Santos previously claimed he would either leave Tottenham this summer or on a free transfer next year.
"It's obviously a difficult situation," Villas-Boas added. "I'm not sure what are Gio's thought process on coming out with a statement like this.
"It's obviously a player that is contracted to the club and that the club respects. At the moment I'm counting on him and I count him to return to club duty and then make a decision as best possible for the club."
Liverpool, Atletico Madrid, Sevilla and Malaga have all been linked as possible destinations for the former Barcelona player.