The Italian club are, however, said to be looking at a possible deal for Iwobi if the transfer of Ajax winger Anwar El Ghazi falls through.
El Ghazi is said to be close to a move to the Stadio Olimpico, according to the latest reports. But Lazio are looking to cover all bases by seeing if there was any possibility the Gunners would allow Iwobi to leave on a temporary basis during this transfer window.
It is likely that any such enquiry from the Serie A side would be swiftly dismissed. Iwobi has scored three goals, and provided four assists, in 25 matches so far this campaign.