Spurs boss Mauricio Pochettino has targeted the 27-year-old attacking midfielder after he helped the Rosanero stave off relegation from Serie A.
Vazquez contributed eight goals and seven assists in 36 league appearances for the Sicilians as they finished just one point above the bottom-three in 16th place.
Zamparini confirmed that the Premier League club have been in contact about the Argentina-born Italy international, whom he expects to move to England, despite local interest from AC Milan and Roma.
"It's definitely more likely that Vazquez will go to England - I'm asking for €25m for him," the 75-year-old told Corriere dello Sport.
"I have lower offers, but for me he's worth as much as [Domenico] Berardi. I can see him doing well anywhere. He's underrated and I don't know why. He could do well even with Leicester.
"Milan and Roma were interested, but if I see that Berardi is moving for €25m, then I would go for Vazquez.
"Unfortunately he's not one who talks much and he doesn't have the kind of character to impose himself. I'm in touch with Tottenham and I've asked them for €25 million, so let's see."