The Belgian starlet has signed for the South London club despite alleged interest from Arsenal, Aston Villa and Liverpool.
The 17-year-old winger has been training with the Selhurst Park's Under-18 and Under-21 teams this summer as he looked to earn a move to London, and after finally getting his wish, Lokilo will now challenge to break into the starting eleven of either side.
Speaking about the move, he was understandably delighted to be moving to a side who have such an outstanding array of attacking talent, particularly from wide areas.
"I'm very happy to have signed with Crystal Palace," the Belgian told the Eagles site. "It's a good club making progress. They bought Cabaye, who is a very good player. [And I like] Bolasie, Zaha, Puncheon, it's a very good [place] for wingers!
"I've trained very well and I'm looking to continue that."
It is somewhat of a coup for Palace, with a host of other clubs interested in Lokilo, including some of the top outfits in Europe. Talksport claimed that Arsenal, Liverpool, Manchester City, Paris Saint-Germain, Lyon and Aston Villa were all interested in the player once his contract at Anderlecht expired, enabling him to move outside the transfer window.
It looks like Alan Pardew's use of width at Selhurst Park has played a part in making his decision, and it is very possible that in Lokilo, Eagles fans will have another talent to admire in a few years.
"I'm a right winger, but I can play anywhere," he said. "I like to pass the ball and get assists. I'm left-footed, so I like to cut inside to create chances to score.
"I used to watch interviews with Cristiano Ronaldo, I'm a big fan. I hope to work on my English, to play with the under-21s and maybe sometimes the under-18s, let's see!"