Harry Redknapp accused the News of the World of "trying to fuck me on cup final day", the court heard.
Redknapp then called Milan Mandaric as he attempted to convince reporter Rob Beasley "everything I do, I do above board", jurors head.
In a tape recording played at Southwark Crown Court, Redknapp was heard talking to Mandaric on the phone, with Mr Beasley listening on another line.
The conversation took place a day before Tottenham Hotspur were due to take on Manchester United in the 2009 League Cup final.
Redknapp is heard saying: "I spoke to Rob Beasley earlier ... you know you paid the income, you paid the tax on that money in America right, of course you did, yeah."
Redknapp added later: "Well if the tax is paid in America really the Revenue are saying there is no tax ... to pay and if there is they know all about it anyway so I don't even see what the problem is."
Redknapp was heard shouting over the phone earlier at Mr Beasley as he denied Mandaric's explanation that the deposits in his Monaco bank account were connected with dealings outside football.
Redknapp said: "You're going to write what you want to write and to f*** me up on cup final day - I know what's going to happen Rob and you're all barking up the wrong tree.
"If you say the tax hasn't been declared and it hasn't been paid, I will sue the bollocks off yeah everybody at the News of the World, make no mistake, yeah."
Mr Beasley, appearing in the witness box, said he did not tell Redknapp the conversation was recorded.
The journalist, who worked as a senior sports writer at the paper between 1994 and 2009, said he wanted to make sure that "I feel 100% accurate".
Despite legal threats from both Mandaric and Redknapp, "once it was published there was not a single letter ... not a whisper", Mr Beasley added.
He said later: "I would be more afraid of the News of the World than the police."
Redknapp, 64, and Mandaric, 73, deny two counts of cheating the public revenue. They are appearing at Southwark Crown Court.