The Lazio president says he will consider any offers for the Argentine star after the 25-year-old fell out of favour with club coach Vladimir Petkovic
The striker spent last season with Serie A rivals Inter but the Milan side chose not to keep the player beyond his initial loan spell and he went back to the Biancocelesti.
The 25-year-old has since been linked with a move to Genoa or Torino in the January transfer window and Lotito insists he is willing to listen to any offers which would see the out-of-favour attacker move away pernamently.
"I have not heard from Genoa or Toro," Lotito told Tuttosport. "If the Granata really do want him, then they just need to tell me.
"The situation with Zarate has been clear since the summer as the player turned down several clubs, including Galatasaray and Marseille.
"In January when the transfer window opens, we will be prepared to speak with any club that makes an offer," the 55-year-old continued.
"If Toro want Zarate, then make us an offer and we will evaluate it. However, there will be no loans considered, including a loan with an option to buy.
"I know how these things go. Everyone promises to buy the player at the end of the season and then [they] don't keep their word."