Italian sources say Newcastle are in contact with Inter about a deal for the youngster.
The Austria international only moved to Inter this summer from Hertha Berlin and has just broken into coach Antonio Conte's first team.
Toon boss Steve Bruce is keen on bringing Lazaro to England in a permanent deal.
He said on Friday, "I don't want to talk about names in particular. I can confirm that we are looking for profiles that can improve us. We need quality and not quantity."