The Italian is the Tottenham board's top choice to take charge in the long-term.
Available after leaving Marseille, De Zerbi won't return to management until the end of the season and will only consider the Spurs post if they avoid relegation.
This is the same message intermediaries sent to Spurs chiefs in the immediate aftermath of Thomas Frank's sacking.
With Spurs just a point above the dropzone, it's been suggested caretakaer manager Igor Tudor could soon be removed, but De Zerbi isn't interested in taking charge at this stage in the season.
The former Brighton manager has held talks with Spurs, says the Telegraph, but nothing will be decided until the summer.