The 28-year-old was identified as a key target for Andre Villas-Boas, who only has two strikers in Jermain Defoe and Emmanuel Adebayor.
But Valencia President Armadeo Salvo has told the Tottenham they must met the striker's €30m buy-out-clause or face heartbreak.
He said: "Soldado can go if he wants - for €30m and under our conditions. Valencia never had any intention of selling Soldado. If he goes then it is because the €30m figure has been met, not a cent less or a cent more."
“Roberto is one of the players we have been following and his career speaks for itself. He’s a great striker. But there isn’t a deal being struck at the moment, it’s just interest and conversations.”
The Spanish international represented his country at this summer's FIFA Confederations Cup scoring once as they finished runners-up to hosts Brazil.