Jimenez has been one of the most prolific strikers in the Premier League this season and has led Wolves into the Champions League hunt.
The Mexican forward has netted 13 times and assisted a further six in the league so far this season.
Jimenez has formed a formidable partnership with Wolves teammate Adama Traore - the couple have scored more goals involving each other than any other pairing in the league.
Both Arsenal and Tottenham are interested in a making a move for the free-scoring Jimenez, according to ESPN.
Arsenal are potentially preparing for the departure of one of their two main strikers this summer, with both yet to renew their contracts.
Alexandre Lacazette has been linked with a move to Atletico Madrid whilst Pierre-Emerick Aubameyang could be a target for a host of elite clubs.
Meanwhile, Tottenham have been without a main target man since Harry Kane suffered a severe hamstring injury.
Spurs boss Jose Mourinho has bemoaned his lack of attacking options of late, following further injuries to Son Heung-Min and Steven Bergwijn.
The Portuguese manager expressed his frustration at the club's failure to sign a striker in the January transfer window.
Jimenez would fit the bill at either of the north London clubs and will likely cost significantly more than the £34m Wolves paid Benfica for him.
The irony is that Wolves currently sit above both the Gunners and Spurs in the league table and may end up in the Champions League ahead of them both.
However, according to ESPN reporter Mark Ogden, Wolves players will find it hard to resist moves to big clubs because "you have to take a big opportunity when it comes."
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