Lotito was keen to add a striker to Lazio's squad before Monday's transfer deadline and considered a move for former Roma forward Borini.
However, Borini ended up joining Sunderland on a season-long loan after Lotito claimed Liverpool did not want to sell the 22-year-old.
"His name was under consideration, but Liverpool didn't want to sell him outright and they preferred to keep him in the Premiership," Lotito told Corriere dello Sport.
The Lazio chief also blamed Galatasaray striker Yilmaz's agent for the collapse of a deal to bring the Turkey international to the Stadio Olimpico.
Lotito added: "A deal had been done with Galatasaray, you can phone their president and ask.
"Yilmaz would have cost us €13m (£11.2m) in cash, plus a further €2m (£1.7m) in bonuses. Everyone was in agreement, I was sure we could close and then I get an email from his agent.
"He outlined the details of the bonuses and salary agreed - €2.8m (£2.4m) a season net. And then he asks me for a further €2m when the player signed.
"I was having none of it. It was extortion. It's the fault of a system that needs changing, I'm calling for new rules. I phoned UEFA president Michel Platini too. UEFA and FIFA need to act."
Lazio had also lined up a deal for Juventus forward Quagliarella, but that move failed to go through due to a breakdown in another transfer.
"A fee of €6m (£5.1m) was agreed with Juventus and Quagliarella wanted us because he would have had more opportunities to play," continued Lotito.
"But Roma sporting director Walter Sabatini didn't give Marco Borriello to Genoa, so Gilardino stayed where he was [instead of joining Juventus]."