The Belgian striker has been linked with Manchester United, Arsenal and Chelsea since the end of last season.
According to latest reports, the Everton star could be heading to London, but not Chelsea. Apparently, Arsenal have agreed personal terms with the player.
Earlier there were rumours that Lukaku prefers a return to Chelsea as he believes that he has unfinished business at Stamford Bridge.
However, as things stand, Arsenal are leading the chase for him after being snubbed by the Premier League winner Jamie Vardy.
Although Everton do not need to sell their star players after their takeover this summer, Lukaku is thought to be keen on a move to a bigger club and might force the Toffees to sell.
Arsenal will proceed with a formal bid for the Belgian international after having agreed personal terms.
The North London giants are in desperate need of another striker and someone like Lukaku could definitely turn them into title contenders.