The 25-year-old was relegated with the Blades after Tevez helped West Ham stay up in 2007 - although West Ham's signing of the Argentina international broke Premier League rules.
Sheffield United have successfully battled to win compensation from West Ham and the two clubs agreed an out-of-court settlement earlier this week.
Former Blades boss Neil Warnock has admitted he is looking into the situation with a view to taking legal action and now Tonge admits he is also ready to do the same.
"I'm just waiting to see what comes of it. I'm not taking it upon myself to make a claim, but might consider joining one," said Tonge, who is now with Stoke City.
"It's not something I'm thinking too much about at the moment. I'm sure things will start to be resolved over the next few weeks, so they may become clearer then.
"West Ham have admitted they have done something wrong and I think it should have been sorted out in that season.
"It wouldn't have been brought up as much if Carlos Tevez hadn't played such a prominent part in West Ham staying up.
"Maybe if he were a defender it wouldn't have been such a big deal, but he scored lots of goals, including the one at Manchester United on the last day that kept them up."
BattleWhile Tonge is looking at the Tevez situation, his main concern is trying to win a place back in Stoke's first-team.
"Not playing is frustrating, but the most important thing is that this club stays in the Premier League. Then, we can take things from there," he said.
"I would take not playing again this season if that meant us staying up. In the situation we are in, I don't want to bring any disappointment or frustration to the squad.
"We have a really big squad and everyone is pulling in the right direction. But it would only take one or two players not to do that to affect things.
"I will be supporting whoever the manager sends out to get the right results. I think we'll stay up, although it won't be easy."