Lukaku netted his 17th Premier League goal of the season in Everton’s 3-1 win over Aston Villa midweek.
Cottee was previously Everton’s most prolific Premier League striker in the season, after netted 16 times back in 1993/94, but the pundit had no issues with his place in history being taken.
"I’m delighted for Romelu,” he explained. “I was working for Sky that night and I turned to Jeff Stelling and said 'I’m pleased for him - but he’s just broken my record'!
“It’s been a strange season with a number of clubs underperforming, but Lukaku has been very consistent.”
Lukaku has enjoyed the best goal-scoring season of his career to date and he has now blossomed into the complete striker.
The powerful Belgian has netted 22 times in 34 appearances in all competitions this term.
The 22-year-old has been handed a lot of responsibility by Roberto Martinez, but he has thrived in the role and looks to be going from strength to strength.
Leicester City forward Jamie Vardy is the only player to have scored more often in the Premier League this campaign.
Lukaku’s goals have helped Everton become the joint-second highest scorers in England’s top flight this term, but the Merseyside club have still fallen short of expectations so far and currently sit in 11th place.