The deal is set to be announced on Friday, according to newspapers in Italy and South America.
The 22-year-old will join Lazio from Chilean club Rangers Talca on loan until the end of the season.
Lazio have an option to but the former Boca Juniors striker for £2million at the end of the season.
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Summer 2016 is set to be a very exciting time for football fans, as this is when the long awaited Euro 2016 tournament kicks off.
Since Guus Hiddink arrived at the helm, Chelsea have improved considerably after a tricky start to the campaign.