The 28-year-old has struggled to break into the Canaries side and appears destined for a January exit.
The YEP reports that the club's debt makes qualifying for the Champions League a must this season but with only one team from the Serbian top flight earning a spot in the competition - where they will enter at the second qualifying round - it is essential that they finish the season as champions.
And although Lafferty has been unable to prove himself at Carrow Road in recent times - with only substitute appearance to his name in the Premier League this season - his goalscoring exploits for Northern Ireland in the Euro 2016 qualifiers suggest he could be the man who guides the 1991 European Cup winners to the league title, and, in the process, helps balance the books.
However, Belgrade will have to see off competition from the 28-year-old's former side as well as Championship outfit Leeds if they want to sign Lafferty.
A move to Elland Road will provide the chance for the forward to link up with international team-mate Stuart Dallas. The pair were instrumental in Michael O'Neill's side's qualification for France next summer and a loan move to Yorkshire would allow him to prove his class before he becomes a free agent at the end of the season.
Meanwhile, the prospect of returning to Palermo may also be catching Lafferty's eye. He spent a season with the Italian side and helped them get promoted to Serie A as champions in 2014.
However, Red Star's interest may change everything for Lafferty, as the club certainly offer the striker his best chance of securing Champions League football.