Onazi is expected to sign a new deal in the coming weeks that will see his salary tripled.
The 21 year old Nigerian international has established himself as a key member of the Aquile, and impressed at the World Cup with the Super Eagles.
Il Messaggero reports that Lazio president Claudio Lotito is ready to reward the midfielder for his performances with a new deal, and to ward off interested teams who are sniffing around the Nigerian star.
Lazio director Igli Tare is said to have agreed to more than triple the €300,000 salary Onazi currently earns, and offer him a deal worth around €1 million a season in salary.
A meeting is scheduled for September where Onazi is expected to officially sign the contract renewal.
Onazi has scored four goals in 69 appearances for Lazio since joining in 2011.
