With persistent rumours linking Roman Pavlyuchenko and Darren Bent with moves away from White Hart Lane, Redknapp will no doubt be looking for a third forward to rotate with Jermain Defoe and Robbie Keane who he brought back to the club during the January transfer window.
According to the Mirror, Macedonian Pandev's current contract does not expire until 2011, but with Lazio president Claudio Lotito splashing the cash just last week on Birmingham striker Mauro Zarate, the club will be eager to recoup some funds.
Pandev is valued at £15 million but Spurs face competition from London rivals Chelsea.
Pandev, 25, signed for Lazio in 2004. He has since made 134 appearances and scored 51 goals, while on the international front he has netted 15 in 44 caps.
Tottenham are also said to be looking to off load David Bentley this summer after Redknapp said the club needs to "balance the books".
Bentley has endured a tough season since his arrival from Blackburn last summer having gradually slipped down the rankings.
Redknapp has suggested that a move away this summer would be as beneficial to Bentley as it would to the club.
"David is going to be a player looking at it and thinking 'hang on a minute, I'm not getting in the team even when Aaron Lennon is not fit. Maybe it is time I moved on'."
"We don't have a bottomless pit - we need to balance the books, sell one or two."
Peter Crouch, Sylvian Distin and Niko Kranjcar have also been linked with Tottenham.