Freedman has been a peripheral figure under current boss Neil Warnock, with James Scowcroft, Clinton Morrison and even Shefki Kuqi regularly starting ahead of him.
Now Leeds boss Gary McAllister wants to sign the Scotsman as he aims to haul his side back into contention for the play-offs.
Warnock and McAllister have discussed the availability of the 33-year-old striker and a decision is expected before the weekend.
Even if Freedman were to leave Selhurst Park on loan, it is possible he would stay with Palace in the long term as he has become increasingly involved in the coaching set-up.