
Let $A=(-2+3a/\sqrt{10},7+a/\sqrt{10})$ be the center of the circle tangent to $T: -3x-y+1=0$ at $P$, it is $a$ along the normal to $T$ at $P$. And similarly $B=(2+3b/\sqrt{10},-5+b/\sqrt{10})$. Then the right triangle with hypotenuse $a+b$ and catheti $\sqrt{160}$ and $a-b$, gives the relation $(a+b)^2=160+(a-b)^2$ i.e. $b=40/a$.
The equations of the circles are $$(x-(-2+3a/\sqrt{10}))^2+(y-(7+a/\sqrt{10}))^2=a^2$$ and $$(x-(2+3\cdot 40/(a\sqrt{10}))^2+(y-(-5+40/(a\sqrt{10})))^2=(40/a)^2.$$ And the double intersection point is $$M=((2(12 a \sqrt{10}+a^2-40))/(a^2+40), (280-5a^2+8 a \sqrt{10})/(a^2+40))$$ which we can implicitize to $x^2+(y-1)^2-40=0$.
For completeness the implicitization in M2:
R=QQ[a,b,c,x,y,z]
I=ideal(c^2-10,x-(2*(12*a*b*c+a^2-40*b^2)), y-(280*b^2-5*a^2+8*a*b*c),z-(a^2+40*b^2))
gens gb I
yields $x^2+y^2-2yz-39z^2$ which is $x^2+y^2-2y-39$ dehomogenized or $x^2+(y-1)^2-40=0$.
Edit
@Sid: Of course, excluding the points $P$ and $Q$ on $x^2+(y-1)^2=40$, since then one circle is reduced to a point and the other becomes the line between $P$ and $Q$, and in the limits are not circles.