Vazquez has been heavily linked with a switch away from Palermo this summer having played a key role in helping them to avoid relegation from Serie A in the campaign just finished.
The likes of Juventus, AC Milan and Roma have been credited with an interest, but Zamparini has confirmed that Spurs are also in the running should they meet the €25m (£19.5m) asking price.
"I'm in contact with Tottenham for Vazquez and I requested €25m for him," Zamparini told reporters.
"I received some lower offers for Vazquez but he's worth as much as [Domenico] Berardi. He'd be great wherever.
"At the moment it's easier for him to go to England but right now the offers don't come close to that €25m figure."
The 27-year-old midfielder has made two appearances for the Italian national team, but did not make the squad for Euro 2016 this summer.