The Switzerland international has entered the final 12 months of his contract with the Bundesliga side, and club chief Max Eberl has admitted that he is seeking a move away this summer.
Zakaria's contract situation has understandably alerted several top clubs to his availability, with the likes of Manchester City and Liverpool strongly linked with a swoop.
However, German outlet Bild claims that Arsenal and Spurs are rivalling one another for Zakaria's signature, while there is also interest from Everton.
Monchengladbach were originally thought to want £33m for the 24-year-old, but his injury woes and contract situation have supposedly seen them reduce their asking price to £17m.
Zakaria boasts nine goals and seven assists from 128 games in a Monchengladbach shirt since 2017, and he made two appearances for Switzerland at Euro 2020.