Shaqiri joined The Reds from Stoke City (for ~€14.5 million) in 2018 on a five-year-deal (30.06.2023).
While Lazio are said to be interested in Shaqiri, it would seem hard to believe that the two clubs would be able to strike a deal for the player. Liverpool have most of the bargaining power on their side; especially considering the player has three years remaining in his contract, in addition to the fact that the Biancocelesti look desperate to sign a well-known player after failing to secure David Silva.
However, there is still a possibility that this deal could occur. Not a member of the starting eleven, the 28-year-old was kept to the bench this past season. Primarily due to a combination of injury and a change in formation (4-2-3-1 to 4-3-3), if the player expresses frustration for the lack of playing time, he could definitely move on before his contract comes to an end; with the offer of continuing to play in the UEFA Champions League (with Lazio) and in a top-five league (Italian Serie A) on the table, this may be enough to be able to convince him to join.
In the 2019/20 season, Shaqiri made 11 appearances for Liverpool, scoring one goal in all competitions (Premier League, Club World Cup, UEFA Champions League, UEFA Super Cup, Community Shield).