The Everton star has scored seven goals in 11 outings this season.
Lukaku (seven) is currently third on the league's list of goal-getters, behind Chelsea's Diego Costa (10) and Manchester City's Sergio Aguero (eight).
However, according to Sky Bet's latest odds, the Belgian is as long as 11/1 to end the campaign on top of the pile - which would be enough to tempt Nicholas into a flutter.
"[Lukaku] would be the dark horse for me," Nicholas told Sky Sports. "This is a fella last season that was catching up with Jamie Vardy's record of consecutive games scored in, so we know he's got the consistency.
"Everton are a team who create a lot of chances for him and he'd be the one I'd be looking at if I was having a bet, probably even each-way at that price."
Were he to maintain this season's scoring rate (a goal every 1.57 matches), Lukaku would finish the campaign with 24 goals - one less than was managed by Tottenham Hotspur's Harry Kane as he collected the league's golden boot award last term.
Lukaku, who scored 18 of his own in an arguably weaker side than Everton currently possess, is yet to exceed the 20-goal mark in any of his eight full seasons as a professional.
Aguero (7/4), Costa (9/4) and Manchester United's Zlatan Ibrahimovic (10/1) are each ahead of the Toffees striker on Sky Bet's list of favourites.