The Athletic reports revealed that Inter Milan will pay € 8million plus add-ons for Lukaku.
He is expected to undergo a medical next week before returning to the San Siro on loan next season.
The final paperwork for the deal is still ongoing however, Inter will not have an option or obligation to buy Lukaku after his loan spell.
The London club are reportedly reluctant to let the striker leave for a discounted price after paying £98.5m for his return to Stamford Bridge.
Chelsea paid Inter £97.5m to sign Lukaku last summer.
The Belgian was only able to score just eight Premier League goals in 26 appearances.