Candreva penned a five-year contract just 11 months ago, but club officials have chosen to act with Juventus, Arsenal and Liverpool reportedly eyeing a move for the 27-year-old.
Since moving from the Stadio Olimpico in January 2012, Candreva has scored 23 goals in 113 appearances for Lazio.
Candreva has been an Italy international for nearly five years, amassing 23 caps, and was a part of the squads for the Confederations Cup and World Cup in Brazil.
Despite a sluggish start to the season which sees Lazio sit 12th in Serie A, Candreva is delighted to remain in the capital.
He told Lazio's official radio station: "I have renewed my contract with Lazio, I am really happy.
"There is a lot of satisfaction. When I think back to two-and-a-half years ago, I never thought I would get to this point.
"I thank the president for keeping his word, despite the many rumours that there around. I read that I had bought houses in every city."
