The 24-year old Argentine winger has emerged as a transfer target for Manchester City, as well as Atletico Madrid and Juventus, and Lotito indicated that he could be on his way out this summer if anybody came in with a good enough bid.
But the players agent, Giuseppe Bozzo, insists that Zarate is keen to remain in the Italian capital.
"(Manchester) City like Mauro but I don't know if he is on their wish list," Bozzo told Corriere dello Sport.
"When I went to Spain to talk to Atletico Madrid, I discussed other players but not Mauro.
"Mauro is not on the market and has not asked for a transfer.
"He has a release clause of 25million euros and it will be difficult to sell him although in football you never know.
"But he is happy at Lazio."