The former Bayer Munich attacker's current deal with the Roman side is due to expire at the end of the season, which, as revealed by Goal, prompted Arsenal to try and agree a cut-price deal to bring the veteran frontman to the Emirates Stadium after failing to land Schalke's Julian Draxler.
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"Klose's renewal? We have a great relationship with Miro and we have a lot of respect for each other," Lotito told reporters.
"I think that all the right conditions are there to reach an agreement.
"Once the time is right, we will hold talks and try to reach the right conclusion."
Klose joined Lazio from Bayern in the summer of 2011 and has since developed into a key player at the Stadio Olimpico.
The striker has netted five goals in 17 Serie A appearances so far this term. He has scored 33 goals in the Italian top flight in total.