The 23-year-old joined the Italian giants from Hertha Berlin for a transfer fee of €24 million (£20.43 million), but has failed to nail down a regular place at the San Siro this season under Antonio Conte.
The 26-times capped Austria international is a versatile attacking midfielder who can play across the pitch, and can also operate centrally.
In Italy, Alfredopedulla.com reports that the Magpies are in pole position to sign Lazaro. The report claims that the deal to transfer Lazaro from Inter to Newcastle is progressing well, and that the player is getting ready to say goodbye to his Inter teammates.
Sky Sports journalist Keith Downie has confirmed on Twitter that Inter are willing to allow him to leave the club on loan this month.
Newcastle United boss Steve Bruce is looking to bolster the attacking midfield areas this month, and Lazaro would be a smart signing for the Magpies.