The Argentine, currently on loan at Inter, is available for £10 million (€12m), with Harry Redknapp keen to secure a loan move for him amid interest from across the continent
Zarate is currently on loan at Inter, but his parent club Lazio are prepared to listen to offers for the striker in the £10 million (€12m) range.
The 24-year-old had previously make a good impression in the Premier League during his loan spell at Birmingham City during the 2007-08 campaign, scoring four goals in 14 appearances.
Barry McIntosh, the agent who took Zarate to St. Andrews, told The Daily Mirror: “There is a lot of interest in Mauro.
“Spurs are among the clubs interested in bringing him back to England. He made a positive impact at Birmingham previously and his reputation has continued to grow.”
Tottenham manager Harry Redknapp has shown an interest and is planning on making a loan offer for the Argentine in a bid to improve his striking options at the club.
Redknapp was impressed by Zarate's previous showings in the English top-flight, but the player's massive £120,000-a-week (€143,000) wage demands may well prove a stumbling block.