Tottenham has reportedly turned its attention to the Argentine, and his manager has confirmed the player is set to leave the club.
Tottenham had lined up a 21 million euro move for Villarreal center back Mateo Musacchio but has turned to Fazio after third-party issues complicated its pursuit of the 23-year-old, Goal UK reports.
And Emery has now confirmed that Fazio is set to depart Ramon Sanchez Pijuan after seven years — for a fee matching his reported 10 million euro release clause — having made just under 200 appearances for the club.
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"I have followed Fazio's evolution for a year and a half. When I arrived he was criticized," he said. "In a year and a half he has grown tremendously and his release clause has stayed low, but that's football. Fazio is worth much more than that. We all feel sad that he is leaving."
However, Emery conceded that he would have liked to have retained the services of the 27-year-old, saying: "He was our captain, his evolution has been incredible up until the last game that he played and this has attracted other clubs. If he goes, it will be for the release clause in his contract. But we would prefer it that he does not go. We wish him the best — we will want to replace him."
Should Fazio join Spurs, he will become their fourth defensive signing of the summer, following the arrivals of Eric Dier, Ben Davies and goalkeeper Michel Vorm.