London mayor Boris Johnson has also issued the club with a “take it or leave it” ultimatum over £17m of public funds available for the project to pay for local infrastructure.

Johnson wants Spurs to commit to the redevelopment of White Hart Lane and drop its court battle contesting West Ham’s victory over the Olympic Stadium.

He said: “The club knows there is no more money available from the public purse and I sincerely hope that they accept the offer we have made.

“It is not just in the best interests of Tottenham Hotspur and the fans of this great London club, but of the wider north London community. ”

But Spurs said it would not be rushed into a decision after revealing it has spent £60m on land acquisition and £25m on the planning process.

Chairman Daniel Levy said: “We are the major employer and economic driver in the area and are now the only major private sector business here that is looking to invest and play its part in the regeneration of an area which has suffered from decades of under-investment.

“The proposed stadium scheme and wider area development has the potential to lever hundreds of millions of pounds worth of much-needed regenerative development to Tottenham.

“But we cannot be expected to do this single-handedly. We have seen land values fall again post the recent riots and this is a further concern for the Club as it considers the nature of the investment.

“The overall scheme requires a complex package of financing of which the correct level and nature of public support is critical.

“We have held discussions with Haringey Council and the Mayor’s office regarding the funding of the public infrastructure works associated with the scheme.

“It would be wholly irresponsible of us to announce we were proceeding with the scheme without the appropriate agreements and support firmly in place.

“Discussions are continuing with all the relevant stakeholders and we shall, as always, keep our supporters updated.”