The teenage striker was unable to make an impact at Stamford Bridge last season following his arrival from Anderlecht and he failed to score in 12 appearances.
The Belgium international started only once in the Premier League and he has admitted he is keen to be playing regular first-team football this season.
He has already ruled out a move to Werder Bremen on loan as the 19-year-old wants to gain experience of English football and he had been strongly linked with Fulham.
However, Lukaku’s representative Christophe Henrotay says the powerful forward is likely to join another top-flight club rather than make the short move to Craven Cottage.
“I can assure you that Romelu is not going to Fulham,” Henrotay told Sport/Foot. “I am currently finalising the details with another Premier League club.
“Romelu will go on loan. I cannot say which team he will join, or when it will happen, but things are progressing.”
Stoke City were rumoured to be interested in Lukaku last season, while the likes of Sunderland have been reported to be keen this summer.