The 24-year-old was allowed to leave the west London club on a permanent transfer by the Blues' former manager Jose Mourinho in 2014. At the Merseyside club, he has established himself as one of the best strikers in the Premier League after scoring 25 goals and registering six assists in the league last season.
Lukaku's form for Everton has not gone unnoticed as he has already attracted interest from top flight clubs in England. According to the Telegraph, his former club Chelsea and Mourinho's Manchester United are believed to be interested in securing his services.
However, the Belgium international has his heart set on returning to Stamford Bridge this summer. Everton value their prized asset at £100m ($129.5m) and are only willing to part ways with the attacker if potential suitors can match their asking price.
Conte has the services of Diego Costa and Lukaku's compatriot Michy Batshuayi as the two players in the attacking division. The former Juventus coach has already informed the Brazil-born Spain international via text messages that he is no longer required at Chelsea.
The Premier League winners are in negotiations with Atletico Madrid to allow Costa to re-join the Spanish capital club. His departure would force Chelsea to bring in a player in that position and Lukaku has emerged as a priority target for the ex-Italy coach.
The Chelsea manager is desperate to sign Everton star this summer, even if it means the club has to pay a world-record fee to sign Lukaku. It is now down to the club's director Marina Granovskaia to see if she can convince the Toffees to lower their asking price or heed their demand for the star striker.
United have also looked at the option of signing Lukaku. However, Mourinho's priority is to reunite with Real Madrid striker Alvaro Morata at Old Trafford. IBTimes UK understands that the deal for the Spain international should be completed before Thursday.