The defending Premier League champions were favourites to sign the Belgium international but a deal failed to materialise.
Indeed, Manchester United managed to usurp their title rivals’ transfer plans and sign Lukaku in a £75m deal from Everton in July.
Lukaku has wasted no time having a positive impact on the Manchester United team following a return of four goals in four Premier League games.
The Belgium international opened his Champions League account with a close-range finish in Manchester United’s 3-0 win against Basel at Old Trafford on Tuesday night.
Former Chelsea defender Le Saux believes the title holders should have signed Lukaku instead of their bitter title rivals.
“Romelu Lukaku would score as many goals at Chelsea as he has at Manchester United,” Le Saux told the Daily Star.
“He is just a consistent goalscorer wherever he goes, he proved that at West Brom, Everton and now United.
“Chelsea create plenty of opportunities for any forward and he would perform in Conte’s side.”
Chelsea turned to Alvaro Morata after missing out on Lukaku and the former Juventus striker has made quite the impression in the Premier League too.
Indeed, the Blues signing has netted three goals in the Premier League so far after scoring against Tottenham Hotspur, Everton and Leicester City.
The defending champions finished seven points clear of their closest title rivals Spurs in the Premier League last season to win the trophy in Conte’s first campaign.
MORE: Man United latest news
MORE: Arsenal latest news
MORE: Chelsea latest news
MORE: Liverpool latest news