The Toffees are expected to confirm the £25m signing of the Belgium international on Wednesday night.
The 21-year-old striker, who quits Chelsea after making just 10 Premier League appearances, is set to pen five-year deal.
Jose Mourinho signed Atletico Madrid striker Diego Costa in a £32m deal earlier this summer, whilst Didier Drogba sealed a return to Chelsea on Friday.
And Lukaku, who scored 16 goals during a season-long loan at Goodison Park last season, is happy to start a new stage in his career.
Time to write a new chapter….. pic.twitter.com/1XNjbYXsl4
— R.Lukaku Bolingoli (@RomeluLukaku9) July 30, 2014
Lukaku moved to Chelsea from Anderlecht in 2011.
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