Johan Micoud and Savo Milosevic have both been eyed by Zaragoza, with the latter rejoining his former club on loan - as the Liga side look to continue their good relations with their Italian counterparts.
Micoud was close to a December move to Zaragoza, only for the midfielder to find himself back in the Parma side after the Italian club's coaching change.
In recent weeks Frey has been linked with Barcelona, with the Catalan side still seemingly unsure about their goalkeeping options.
A £10 million offer was mooted, although this seems far short of the Italian club's valuation of their player bearing in mind the player moved from Internazionale in 2001 for £13 million.
Frey was bought as Gianluigi Buffon's replacement, the latter the most expensive keeper in history, and has been one of the few bright spots in an otherwise disappointing Parma season.
The 21-year-old is certainly a possibility for Zaragoza, despite the Spanish club not officially confirming their interest, and it still seems highly unlikely that Parma would release one of their rising stars.
