Lukaku is returning to Milan on loan from Chelsea, after a torrid second spell with the English side.
According to reports, Inter will pay a fee of €8 million plus add-ons, while terms over the 29-year-old’s salary and performance bonuses have also been accepted.
Lukaku is expected to undergo a medical next week before completing his move back to the side he helped win the Serie A title with in the 2020-21 season.
Inter will not have an option or obligation to buy Lukaku after his loan spell.