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.
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."
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