Ilicic, 24, is reported to be on the shortlist of Spurs manager Andre Villas-Boas after scoring four times and claiming one assist in 17 Serie A games this season.
However, Palermo are loathe to lose the talented playmaker and president Maurizio Zamparini has made clear he will not consider selling Ilicic.
"I have said it many times and I say it again: Ilicic will not leave Palermo," Amir Ruznic told TMW.
"Maurizio Zamparini will not sell him at any price. He is too important.
"In the summer we will sit down and look at the offers. Ilicic wants to stay in Italy. Serie A is his first choice."