Ludogorets owner Kiril Domuschiev is reportedly in talks with Parma already and is ready to offer the Serie A outfit 300,000 euros to sign Crespo on a temporary basis.
The 36-year-old has been reduced to the periphery at the Stadio Ennio Tardini, making just four appearances to date this season.
Bulgarian sources claim that Crespo is interested in a move to Ludogorets, who share the top of the league table with CSKA Sofia, with 36 points from 15 matches.
The former Argentina international returned to Parma in January 2010 after playing at the club from 1996 to 2000.
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