Chelsea offered an initial loan deal with an obligation to buy for £55m should Fernandes play at least 50 per cent of games over the 18-month period, while West Ham are thought to have made a similar offer with an obligation to buy for £33m, with a lower percentage of appearances triggering the purchase.
Lyon and AC Milan also made formal offers but Fernandes' preference was to move to the Premier League.
Tottenham have been keen to bolster their midfield following an injury to Moussa Sissoko, who has been sidelined for three months after undergoing surgery to the medial collateral ligament in his right knee. He is set to miss three months.
Fernandes, who has two caps for Portugal, has made 53 appearances in all competitions for Benfica, scoring three times. He will wear the No 30 shirt for Spurs.
Source: skysports.com