Lukebakio has been a Watford player since January 2018, when he moved to Vicarage Road from Anderlecht, but has made just one Premier League appearance for the Hornets.
The 21-year-old has caught the eye during a loan spell in Germany with Fortuna Dusseldorf, however, having joined the Bundesliga newcomers back in July.
Blessed with rapid pace and the ability to leave defenders for dead, Lukebakio has scored seven goals in 12 Bundesliga starts this season.
That included a famous hat-trick in a 3-3 draw against Bayern Munich and a coolly-taken finish in a shock win against Borussia Dortmund in December.
And, according to Bild, Dortmund were obviously very impressed because they want to sign Lukebakio when his loan spell at Fortuna comes to an end. Monchengladbach, who are well placed to qualify for the Champions League next season, are also understood to be interested.
Bild points out that Lukebakio, who is now valued at around £18 million, is unlikely to be plying his trade for Dusseldorf next season. But maybe Watford could consider giving him a chance in the Premier League.