The 18-year-old Belgian starlet arrived in west London from Anderlecht in the summer with a big reputation having netted an impressive 31 goals in the past two seasons.
Blues boss Andre Villas-Boas has high hopes for Lukaku at Stamford Bridge, but has only used him sparingly so far this season, opting instead to play the likes of Fernando Torres, Didier Drogba and Daniel Sturridge in attack.
However, the January sale of Nicolas Anelka would indicate that the Portuguese tactician will turn to Lukaku more frequently in the second half of the season, after making only seven appearances for Chelsea in 2011-12.
"If my situation at Chelsea does not evolve between now and the end of the season, it may be better to be loaned out for a season," Lukaku is quoted as saying by the Belga news agency.
"A loan this season is not possible, as I have already played for two different clubs [but] if this situation endures, it might be better to play for another club for a year and then come back.
"But let's see what happens in the next six months. Many things could still change."