Currently on-loan to June with Schalke, Kolasinac is expected to return to the Gunners at the end of the season.
With a contract to 2022, Kolasinac could yet stay with Arsenal next term. The left-back joined Schalke on-loan in January, though the deal does not carry a set permanent option.
Lazio are bullish about their chances as they have greater spending power compared to Schalke to match Kolasinac's €4.5m-a-year wage demands.
Since returning to S04, Kolasinac has managed 15 appearances for the Bundesliga strugglers. His signing has done little to arrest Schalke's slide, with the club rock bottom of the Bundesliga table, 14 points away from safety.
January's move had marked a return for Kolasinac, having left Schalke for Arsenal in 2017. The 27 year-old had previously spent six years with S04 after being signed to the academy from VfB Stuttgart.
- updated April 19