The Mirror says Birmingham have started talks with Standard Liege over a deal for Jovanovic.
McLeish will reportedly be given around £20million to spend on new players in the January transfer window, by new club owner Carson Yeung.
Birmingham are keen to strengthen up front after having scored just 12 goals in 14 league games.
Zigic has been put up for sale by Valencia for around £8million.
Zigic’s agent Milan Calasan said: “I’m sure that Zigic will switch clubs in January if a good offer arrives.
“I can only say that with the crises going around, the price should be convenient for everyone and not too high.”
