Conte, who will leave his post as Italy coach at the end of Euro 2016, is set to be confirmed as the permanent successor to Jose Mourinho at Chelsea at the end of the season.
And according to the Independent, the former Juventus coach has already drawn up plans for additions to his squad, with the Italian pinpointing Lukaku as the proven goalscorer required to either replace, or compete with, Diego Costa in the forward line.
Everton are likely to fight any efforts to prise Lukaku away from the club, but an offer in excess of £50million would leave the Merseyside outfit battling to hold onto the player
Such a move would mark an embarrassing U-turn by Chelsea, who sold the Belgian forward to Everton in a £28m deal in July 2014 following Mourinho’s decision to allow the striker to leave Stamford Bridge.
Having been signed by Chelsea in an £18m deal from Anderlecht in August 2011, Lukaku started just one Premier League game for the club before being loaned to West Bromwich Albion and Everton, prior to his permanent move to Goodison Park two years ago.