Chelsea have long been linked with the highly-rated striker, and a deal to bring him to Stamford Bridge was thought to be all but done.
However, Lukaku has apparently caught the eye of Arsène Wenger, as the Gunners seek to add firepower to a forward line which has already been strengthened by the signing of Gervinho.
Lukaku has been a teenage sensation for Anderlecht, scoring 39 goals over the last two seasons with the Belgian club. His physical frame and power are thought to be perfectly suited to the all-action style of the English Premier League.
Lukaku is known to be a long-time admirer of Chelsea striker Didier Drogba. However, he would have a better chance at tasting first-team action with Arsenal. Wenger is well known for blooding young talent and, at Chelsea, Lukaku would be well down the pecking order behind Drogba, Fernando Torres and perhaps even Nicolas Anelka.
It will be interesting to see how this story develops, as two of London's biggest clubs enter a tug-of-war for one of Europe's top talents.