Van der Vaart has been strongly linked with a return to his old club, where he spent three seasons between 2005-08 before moving to Real Madrid.
But the Bundesliga side's chairman, Carl-Edgar Jarchow, admits time is running out to convince Spurs to sell.
"There is not a lot of time - it is really up to Tottenham Hotspur," he told Deutsche Presse-Agentur.
"If we have a chance to sign him, we will do everything we can to make that happen."
That opportunity could present itself if Tottenham complete the signing of some of their own targets during what looks set to be another frantic final 48 hours of a summer transfer window at White Hart Lane.
Moussa Dembele is on the brink of sealing a move from Fulham after Spurs triggered what was reportedly a £15million release clause.
New manager Andre Villas-Boas has also renewed the interest he showed while Chelsea boss in Shakhtar Donetsk forward Willian, who could fill the void left by the departure of Luka Modric.
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