Thanks gfvalvo for this useful details.
And thanks to all for your help, my problem is now solved.
Generally speaking, I find people on this forum very nice and ready to share and help 
In case someone is interested in doing something similar to what I'm doing, I post here the ALSA/PulseAudio configuration I'm using on the Raspberry side. This way, whatever format are the files I play on the Pi (using Python Pygame in my case), they will automatically be converted at the default Playback device to a format which is compatible with teensy-I2S input.
.config/pulse/daemon.conf
Code:
default-sample-format = float32le
default-sample-rate = 44100
alternate-sample-rate = 44100
default-sample-channels = 2
default-channel-map = front-left,front-right
default-fragments = 4
default-fragment-size-msec = 25
resample-method = ffmpeg
enable-lfe-remixing = yes
high-priority = yes
nice-level = -11
realtime-scheduling = no
realtime-priority = 9
rlimit-rtprio = 9
daemonize = no
/etc/asound.conf
Code:
pcm.!default {
type plug
slave.pcm hw
}
.asoundrc
Code:
pcm.!default {
type plug
slave.pcm hw
}
ctl.!default {
type hw
card 0
}
Best