The 25-year-old was once very highly-rated and had a spell with Birmingham in the Premier League but he has since struggled at Lazio and Inter Milan and so could be on the move in January.
The player's agent Jose Alberti says the player could leave Rome in the transfer window and claims that the Gunners along with Liverpool and Stoke are keen.
"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," he revealed.
"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."