Lukaku attracted the interests of the Bundesliga side in the summer, according to the report, but they couldn't afford to pay the asking price Chelsea were after at the time.
Everton made their loan deal for Lukaku permanent last summer for a fee of £28 million after he impressed during his first season at Goodison Park.
Though this season hasn't been the best one for Everton, Lukaku has still shown signs he could become a top class player, as lately he managed to become the club's leading goalscorer in European competition.
So far this season he has a total of 17 goals from 40 games, seven of them in Europe, and his performances in the wins over Wolfsburg in the Europa League group stage will have done nothing to dampen their interest in the 21-year-old, as he builds on the 16 goals he scored for the Toffees last season.
Wolfsburg - currently second in the Bundesliga - are said to offer Everton £33 million. Given so much money was spent on Lukaku, a £5 million profit in return probably doesn't represent the kind of business that hierachy at Goodison would want, though it is hard to see much more money spent on such a young player.
If he were to make the move, he would link up with former Chelsea duo Kevin de Bruyne and Andre Schurrle, who he briefly played with during his time at Stamford Bridge.
In addition, it would leave Everton looking for some necessary firepower if the Belgian were to depart, as it would leave a huge void in their side. Whether this deal materialises, however, remains to be seen.