Spurs are still on the market for a new manager after deciding to sack Jose Mourinho in April.
An approach was made for former Juventus and Chelsea manager Conte but after a period of sustained negotiations, talks broke down between the two parties and Tottenham have now turned their attention towards former AS Roma and Shakhtar Donetsk boss Paulo Fonseca.
Speaking to Gazzetta dello Sport, Conte said: "Generally, I like challenges and I’ve accepted many of them during my career.
"Even the top clubs I coached were never the favourites when I arrived. However, if there’s something that doesn’t convince me I prefer not to accept, regardless of the money."
Conte stepped down as Inter Milan manager at the end of the 2020/2021 season after leading the Nerazzurri to their first league title in eleven years.
The 51-year-old’s previous spell in England proved to be a huge success as he led Chelsea to the Premier League title in his debut season and won the FA Cup in his second campaign.
Conte has also coached the Italian national team and led Juventus to three Serie A titles in his time at the Allianz Stadium.
