The powerful marksman is determined to quit The Reebok Stadium to further his career and Spurs have been at the head of the queue to sign the 24-year-old.
Spurs have thus far failed to persuade The Trotters to accept a bid for the once-capped England international but are ready to up their offer.
Bolton are thought to be demanding in the region of £6 million for Ricketts, with Spurs preparing a new £4 million bid, plus the choice of either Steffen Iversen or Gary Doherty.
With Les Ferdinand's exit to West Ham and Sergei Rebrov's impending departure for Fenerbahce, Spurs chief Glenn Hoddle has room for a forward.
But he will have to move swiftly to conclude a deal for Ricketts before Friday's transfer deadline, otherwise Hoddle will have to wait until the summer.
Ricketts remaining at Bolton would suit no-one, though, as Trotters chief Sam Allardyce needs to offload the former Walsall man to fund his swoop for Nantes striker Pierre-Yves Andre.
Allardyce admitted he is waiting to discover whether Spurs improve their offer which was rejected last month."I haven't head anything fresh from Spurs regarding Michael Ricketts," Allardyce told the club's official website.
"Other than the initial offer of a player exchange, which we flatly rejected last month, we haven't received any new offers. We'll have to see what materialises before the end of the week."
