The Italians will only make a move for the forward if they reach the Champions League group stages.
The Italians are said to be keen on striking a loan deal for the forward, and will offer £1.5m up front with an option to purchase for £12.5m should it be a successful spell for both parties in Serie A.
That would be a decent deal for Brendan Rodgers' side as a sale at that price would not represent too big a hit on the £16million they paid for him at the end of last year’s summer transfer window - with that figure reported by the BBC.
However, while Lazio are keen to secure a loan deal, they would ask for serious help from the Reds when it comes to Balotelli’s sizeable wage packet.
According to the Mirror report, they could only afford around 30 per cent of Balotelli’s £80,000-a-week salary, meaning they would need the Premier League side to pick up the other 70 per cent during an initial loan agreement.
The whole deal is based on conjecture at present, though, as a tough draw in the Champions League qualifiers and failure to progress to the group stage would force Lazio to turn their attention elsewhere.