The duo played together during a spell at Nottingham Forest and Shrewsbury's Holt has again proven his worth this term, scoring 28 goals in all competitions for the League Two outfit.
However, Norwich boss Bryan Gunn would not shed any light on speculation linking his side with the highly-rated forward.
"I'd sign him up. I talk to him regularly and we are good friends and I think he'd be a great signing," Gary told the Norwich Evening News. "He works his socks off, absolutely works them off every game, and he scores goals as well.
"He's been top scorer when we were at Forest and I just think, for what you get out of him, he is worth it. He has ups and downs like any striker but it is never from a lack of effort.
"If he has a bad game, he's a bit like me in that he will always put his shift in. But I think it would cost Norwich some money to sign him and I can't see him going cheap. Have Norwich got the money to get him?"