The 24-year-old Argentine forward has played in the Barclays Premier League during a season-long loan spell with Birmingham City back in 2007-08.
Spurs boss Harry Redknapp is a known admirer of Zarate's, and has kept tabs on his progression ever since. He is keen to bring him to White Hart Lane until the end of the season, but will need to find a way of subsidising his £120,000-a-week wages.
After joining Lazio on an initial loan in 2008, Zarate completed a permanent switch to Stadio Olimpico a year later, for a reported €20million, with a €60million buy-out clause written into his contract.
However, having fallen out of favour at Lazio, Zarate was loaned out to Serie A rivals Inter Milan - but the Biancazzurri are willing to listen to offers for his permanent sale for a fee in the region of £10million.
The South American's British representative, Barry McIntosh, who was instrumental in taking Zarate to Birmingham, confirmed: "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."