The club captain has demanded nearer £70,000 a week. The club still holds memories of losing Sol Campbell on a free transfer five years ago.
"Sol felt the move was right for him. He moved clubs and has gone on to achieve great things," said King.
Campbell has won two Premiership titles and three FA Cups since joining Arsenal, but Tottenham have taken up a higher position in the league table for the last ten weeks.
King added: "At the beginning of the season we’d have taken a top six finish."
Source: The Times