Zarate is thought to be considering his future at Lazio after failing to hold down a regular place in the side this season.
The 25-year-old enjoyed a successful spell on loan in England with Birmingham City in 2008 before joining Lazio and one of Zarate's advisers, Jose Alberti, claims Arsenal, Liverpool and Stoke are all interested in bringing the Argentine back to the Premier League in January.
"Mauro would like to have a new chance at Lazio but unfortunately he is not loved and so it makes no sense to continue in this situation," Alberti told tuttomercatoweb.
"Zarate has many admirers in England and there are three Premier League clubs which have asked about him: they are Liverpool, Arsenal and Stoke City.
"I believe that Lazio want to sell him at all and I think this is a feasible deal in January. "