According to a new report by TeamTalk, Lankshear is set to permanently join Roberto De Zerbi's first team squad this summer.
The ex-U's striker, who was the club's top scorer last term with 12 goals in all competitions, is highly rated by his parent side who narrowly avoided relegation from the Premier League last season finishing two points above the drop zone.
The Lilywhites are reportedly expected to part ways with Brazilian forward Richarlison, who was the club's top scorer with 12 goals last term.
Meanwhile, English centre forward Dominic Solanke's future at the club is also in doubt as he continues to be plagued by injury at the Tottenham Hotspur Stadium.
These potential departures could pave the way for Lankshear to make his mark on the first team.
The 21-year-old has already made three Premier League appearances for Spurs as well as scoring one goal in three Europa League features.
In a breakout season in men's football, the England youth international became a fan favourite in OX4 for his tenacity and goal scoring success in a struggling Championship team.
Lankshear's attitude off the pitch also endeared the fans to his name, with the player crediting the club as the place where it all began ahead of a hopefully successful career.