The 25-year-old is growing frustrated with Spurs for failing to seal his transfer from the Eredivisie champions despite holding positive talks with chairman Daniel Levy.
He’s now threatened to sign for their North London rivals with Gunners boss Arsene Wenger reportedly monitoring developments and is ready to swoop should the move break down
Vertonghen said: “I’ve said repeatedly that Tottenham are my first choice, but the talks haven’t progressed.
“They have shown me around, I have met all their key people and their chairman came to meet me on Monday.
“But Arsenal want me too. They remain a possibility if my Spurs move falls through, as Ajax are asking £12m for me.
“That is a lot of money for someone with just a year left on his contract.”
The Belgian international is keen to join Harry Redknapp’s side in the summer but has expressed fears that Ajax’s price demands could cause the move to collapse.
Vertonghen believes Tottenham’s failure to qualify for next season’s Champions League could hinder them when it comes to matching Ajax’s price demands but is optimistic that a deal can be struck.
“I’m sure Spurs won’t be able to pay that much after they missed out on the Champions League.” He said.
“Ajax want to get as much as they can for me, while Spurs want to pay as little as possible.
“I hope a deal can be done. But I won’t fight with Ajax – that is the last thing I’d want after so many good years with them.
“England is my preferred destination. But if needed I will see out my contract and leave on a free transfer next year.”