The Everton winger joined the Toffees in January 2017 from Charlton for a reported fee of £10m, and made eight appearances in his debut season.
The 20-year-old made further seven league appearances before he was loaned out to Bundesliga club Leipzig. He enjoyed an impressive spell on loan in Germany during the second half of the season, and helped the club secure a Europa League second qualifying round place.
He scored five times in seven starts and proved a point to the Everton management. New Everton boss Marco Silva is reluctant to let him go, but the player is keen to further his career in Germany.
The report claims that Red Bull have now held initial talks with Everton about keeping Lookman on a long term basis. Lookman has settled in Germany and he knows that he will get the chance to play here regularly.
The report adds that Premier League club Tottenham have expressed their interest in Lookman. Spurs boss Mauricio Pochettino has shown great willingness to work with young talents, something that might attract Lookman if at all the north London club come up with an offer.