The Portugal winger is one of the prime targets for both clubs ahead of the summer transfer window.
Per Fabrizio Romano, Wolves are willing to sell Neto, but only for a very high fee.
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The 24-year-old could be off in the summer, especially if the two clubs get involved in a bidding war.
There is no indication of the club that Neto would prefer, as his first team chances may factor into the decision.
While Arsenal are the more high profile team at present, Neto may play more often at Spurs.