The Belgian international has indicated he would not be against the idea of remaining at the Hawthorns for another campaign, but the Blues have decided to hand him a first-team chance.
Fernando Torres and Demba Ba have failed to find the net with any regularity this term, and Steve Clarke warned West Brom fans not to expect Lukaku to return next season.
Clarke said: "He is Chelsea's player. He belongs to Chelsea and he will go back there in the summer.
"I have never thought it would be possible Chelsea would let him come back next season. He came on a season-long loan and we're grateful we got him."
Lukaku failed to settle at Stamford Bridge after his initial move from Anderlecht, but he's bagged 13 goals so far for West Brom.
His strong performances leading the line for an impressive Baggies side has led Chelsea to consider incorporating him into their first-team squad for next season.
The report claims the Blues look set to at least give him the opportunity to prove his worth with the west London club.
Lukaku's £19m move in 2011 made him one of the world's most expensive teenagers, and the 19-year-old has already got 19 caps for Belgium.
Chelsea progressed to the Europa League last-eight on Thursday evening, dispatching three past Steaua Bucharest to win 3-2 on aggregate.
Torres scored the tie-clinching goal late in the second half, while John Terry and Juan Mata also found the net for Rafa Benitez's side in a 3-1 second-leg win.