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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Chelsea have struggled to build momentum in the opening stages of the campaign and are currently looking over their shoulders at the relegation zone.
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