Colombian international happy to bide his time in terms of a move to a European heavyweight, pointing out that he is more than content to stay at the club
It has been suggested that the former River Plate man was the subject of a £26 million bid fromboth of the north London clubs as they both look to strengthen their frontlines during the summer.
The 25-time capped Colombia international had a remarkable season with the Portugese champions, scoring 38 goals in 42 appearances in all competitions, a feat that included scoring a record 17 goal in 14 matches in the Europa League.
However, Arsenal and Spurs might have have to look elsewhere as the striker appears in no rush to leave the Dragao.
Speaking to reporters, Falcao said: "I have two more years left on my contract, but we are speaking about a renewal.
"At Porto, many players, and even the manager, Andre-Villas Boas, have clubs interested in them. Porto is the most selling club in the world.
"I am calm because I know that I can play in another championship, but I still do not know if this moment has come."
This season was by no means a fluke for the forward as he was even more impressive in the league the year before as he bagged 25 goals in 28 appearances, beating this season's tally of 16 goals in 22 matches.
It is understood that both clubs, particularly Tottenham, are looking to bolster their quality in the attacking third this summer as they hope to mount at least a challenge for a top-four finish after just missing out this time around.