The cultured centre-back has been in terrific form in Serie A this term, where he is showing signs of the promise that tempted Liverpool to bring him to England in 2006.
Paletta failed to live up to his billing at Anfield, and was shipped out to Boca Juniors shortly after, but since returning to Europe in Italy he has thrived.
His displays have even earned him recognition on the international scene, with Italy have given him his first cap earlier this week – with the Argentine-born defender eligible to feature for the Azzurri due to family ties.
United and Spurs have been alerted by his rise, and are now said to be pondering moves for the 28-year-old.
Both clubs are thought to be considering bolstering their respective backlines this summer, and Paletta is seen as a realistic option.
Parma are unlikely to let their man leave without a fight, and may demand a large fee for his signature due to his current contract having three years left to run.