Hi Vinceschiavo,
First of all, Welcome to the Discussion forums!
If you look at the specifications for your model iMac found
here. There are two models, a 700 Mhz G3 and a 700 Mhz G4 (flat panel), both of which can be upgraded as far as 10.4.11.
Be aware though that you need a dvd drive to install as Tiger 10.4 only came on dvds. The only way to install if your machine does not have a dvd drive is to use its firewire port and install via Firewire Target Disk Mode and connect to another Mac capable of booting the disk.
The current OS is Leopard but your model does not meet the
"Leopard System Requirements".
Here are the
"Mac OS X 10.4 Tiger System Requirements".
Though it states the RAM requirements for Tiger to be 256 MB that is the bare minimum and to run Tiger well at all you would need at least 512 MB and better yet 1024 MB of RAM. So keep that in mind if you decide to upgrade.
Post back if you have further questions or comments,
littleshoulders 🙂