Argentine striker Zarate, who is currently on loan at Inter Milan, impressed Spurs boss Harry Redknapp during his 6 month spell at Birmingham City in 2008.
Lazio are willing to listen to offers of around £10million and Tottenham hope to sign Zarate on loan if they can be subbed on his £120,000-a-week salary.
According to The Daily Mirror, Spurs will move for the 24-year-old once they are given the green light from Italian side Lazio.
Agent Barry McIntosh, who was instrumental in taking Zarate to Birmingham, said:
“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.”