Gladbach and RB Leipzig expressed an interest in Lazaro last week, and Die Fohlen have stepped up their pursuit.
24-year-old Lazaro is joining Gladbach on a loan deal that will include an option to buy him for €15m to €20m.
The transfer should be made official in the coming days, RP adds.
Lazaro is still under contract with Inter until 2023, having only joined a year ago for €22m.
After making little impression in his first half-season at the San Siro, the right midfielder was loaned to Newcastle.
He is now poised for a return to the Bundesliga under the tutelage of Marco Rose at Gladbach.
After signing Hannes Wolf on loan from Leipzig, Austrian international Lazaro will further strengthen Rose’s squad.
Gladbach were keen on Lazaro a year ago, but could not match Inter’s €22m offer to Hertha.