Tottenham say they are "appalled" that Talksport failed to challenge a caller who aimed an anti-Semitic term at chairman Daniel Levy.
The comment was made on the station's Sports Bar programme on YouTube, hosted by Jordan Jarrett-Bryan and Perry Groves.
Talksport have since apologised for the incident, which Spurs have accepted.
"We were appalled that neither presenter addressed the comment," a club statement said.
The programme went out live on the Talksport YouTube channel and was not broadcast over radio.
Tottenham said the station had "failed to call out the anti-Semitic trope".
The statement added: "The club notes Talksport's apology following an anti-Semitic incident on their Sports Bar programme on Tuesday, 3 August.
"We are under no doubt that if an equivalent comment had been made regarding an individual's race or other protected characteristic, the response would have been immediate and far-reaching.
"It cannot be acceptable that anti-Semitism does not receive the same level of condemnation as other forms of discrimination and efforts to tackle it should be no less rigorous."
Head of Talksport, Lee Clayton, apologised to Tottenham, Levy and the Jewish community for "the offence caused by this hateful comment, which should never have been broadcast".
He added: "The comment was rightly dumped on our radio station, where we broadcast with a slight delay to ensure any unexpected and inappropriate comments don't make it to air.
"It was, however, streamed live on the Talksport YouTube channel, which we are currently testing and which awaits a similar profanity/offence delay.
"Our team did not take our YouTube stream into consideration and therefore the comments were not challenged as they should have been."
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