The Everton striker, who announced he wanted to leave the Toffees to play in the Champions League next season, looks set to make a return to south west London.
Lukaku, who left Chelsea in 2014, has unfinished business with the club and would favour a move there over Jose Mourinho’s Man United.
Blues hero Wilkins, who enjoyed spells at the club as both a player and coach, recently spoke out about the prospective signing.
He admitted the forward would be a “perfect fit” for Chelsea, but warned the 24-year-old would not be able to fill the massive void left behind by Didier Drogba.
“If you look at Chelsea over the last x amount of years, you’ve had the Drog,” Wilkins told Sky Sports.
“They will never find another Drogba, he was the best. Then they had Costa and now Lukaku just is a perfect fit.
“If Costa was to go I think he would be the perfect fit to come into Chelsea.”
Drogba, who signed for the Blues back in 2004 before leaving for China in 2012, is regarded among fans as a club legend.
During his time at Stamford Bridge he won the Premier League and FA Cup four times, the EFL Cup three times and the Champions League trophy once.