Mauricio Pochettino is eyeing up a stunning return to Tottenham this summer after growing unhappy with life at PSG, according to reports.
The Argentine was sacked by Spurs in November 2019 after the team's dramatic decline following their Champions League final defeat against Liverpool, with Levy forced to swing the axe after a string of miserable results.
Jose Mourinho replaced him but failed to deliver on the promise of silverware as players and fans quickly grew tired of his negative football - with Spurs slipping away from the top four and failing to qualify for the Europa League.
Spurs are now on the lookout for a new coach - but have been shot down by a number of targets after Julian Naglesmann went to Bayern Munich, Brendan Rodgers committed his future to Leicester and Erik Ten Haag signed a new deal at Ajax.
But according to the Sun, an unexpected new target could be on the horizon with Pochettino now 'seriously' considering a reunion with the north London side, feeling he has 'unfinished business' with them.
Pochettino only joined PSG in January but has so far endured a difficult first season - falling in the title race to surprise package Lille while also being dumped out of the Champions League semi-finals by Manchester City.
It has left the Argentine unsettled, the report adds, despite hopes he could transform the club he starred for as a player.
At Spurs, he transformed an underachieving side into title contenders and regulars in the top four, forging a close relationship with supporters.
He still has a great standing with members of staff at the club - this week, along with assistant Jesus Perez, he expressed his sadness at the death of former commercial chief Simon Bamber.
‘It is with great sadness that we received the news of Simon Bamber’s passing, we had faith that he would come through this,’ wrote Pochettino.
‘Him and his kind cheerful personality will be very dearly missed. We found in him a very good friend, support, and we shared together our love for @spursofficial.
‘Our prayers are with you and your loved ones. Sending love and support from me and my family.'
He has already told close friends he would be prepared to rejoin Spurs, the report continues, with Levy now looking to find a way to bring him back.
Levy - who built up a close relationship with the 49-year-old during their five and a half years together in N17 - has secretly admitted that sacking Pochettino was 'the worst mistake of his career', the Sun claims.
The move could be Tottenham's 'ace card' to keep Harry Kane it says, with the striker already informing the club of his desire to be sold this summer.
Manchester City, Manchester United and Chelsea are believed to be among the interested parties for the £150m-rated star.
Pochettino oversaw Kane's rise to prominence in the game after giving him a chance in the first team and helped turn him into one of the world's deadliest forwards - and their close relationship could be a huge factor in the 28-year-old pledging his future to his boyhood club.
Since Mourinho's sacking, Ryan Mason has taken charge on an interim basis - overseeing four wins and three defeats during his stint in charge, including a Carabao Cup final loss to Manchester City.
The team finished seventh under his leadership - meaning they will play in the UEFA Conference League next season.
Spurs were not expected to name a new boss until the summer - with Brighton's Graham Potter another to be linked with the hotseat. Nuno Espirito Santo is currently the bookies' favourite for the role after leaving Wolves, but Sportsmail understands he is not in contention.
Another name that has resurfaced is Rodgers, with Spurs knocking his Leicester side out of the Champions League places after a 4-2 win at the King Power on the Premier League's final day.
It has led to suggestions Levy could return with another offer for the Northern Irishman despite his insistence that he was not interested in leaving the Foxes.