The ex-Chelsea man is currently plying his trade in Ligue 1, but is believed to be keen to return to England.
This has alerted Liverpool and Spurs, who are ready to take advantage of his £2.5 release clause.
Both clubs are believed to be looking at adding to their attacking ranks before the end of the month, and see the 28-year-old as a viable option.
Kalou spent six years in London prior to joining Lille, winning the Premier League, FA Cup and the Champions League in the process.
Spurs and Liverpool see his vast experience as a positive, and could launch cut-price raids for the Ivorian.
Kalou is able to play on either flank or as a central striker, which is kind of versatility that both Tom Sherwood and Brendan Rodgers believe can help their respective changes for top four finishes.
Roma and Besiktas are also said to be watching the situation, but the player’s desire to move to England could be a major factor.