It's believed the Italian side, managed by Simone Inzaghi, are ready to launch a formal offer worth around £13 million.
Should the Blues accept a cut-price bid in this region, they would lose around £8m after signing the Ghanaian from German side Augsburg for £21.8 million last summer.
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Rahman had a disappointing debut season with Chelsea, struggling to break into the starting XI. He made just 23 appearances in all competitions last term, and only 11 of those were starts in the Premier League.
He has struggled to compete with the likes of Cesar Azpilicueta, who has been preferred ahead of Rahman at left-back. At times, Jose Mourinho and Guus Hiddink selected Brazilian forward Kenedy to play in the position, ahead of Rahman, despite the Brazilian being a natural winger.
The 21-year-old has also struggled internationally following his move to Stamford Bridge, and similarly to his club career, Rahman has been floating in and out of the Ghana team, making just three appearances this year.
Lazio finished eighth in the Italian league last season, and a player of Rahman's quality, even though he had a disappointing season in England, would boost their defensive record.
It should not be forgotten that Rahman is still very young and has the chance to improve and grow as a player should he stay at Chelsea.
However, the youngster is eager for more playing time and the Blues can't offer that at the moment.
Even if Rahman wishes to move on, there is little chance of Chelsea accepting such a low bid for the full-back.
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