It comes just a year after he joined Chelsea for a massive £97.5 million.
Lukaku's second stint at Stamford Bridge has failed to work out, with the Belgium forward struggling in front of goal last season.
He scored just 15 goals in all competitions and gave a bombshell interview that angered Thomas Tuchel.
But the 29-year-old is set to return to Italy where he enjoyed two prolific campaigns for Inter.
Italian outlet Gazetta dello Sport claim Lukaku became emotional when his lawyer Sebastien Ledure broke the news that Chelsea had reached a deal with the Serie A side.
Talks had stalled on Monday when Inter president Steven Zhang attempted to restructure the financial package.
But the two clubs agreed a loan deal totalling £10.3 million, made up of a loan fee of £6.9 million plus £3.4 million in bonuses.
Lukaku has agreed to a 30 per cent pay cut in order to secure his move back to the San Siro.
All of his wages will be paid by Inter, with the player set to undergo a medical next week to confirm the transfer.
Lukaku signed for Inter from Manchester United back in 2019.
He bagged 34 goals in all competitions in his debut term and netted 30 goals the following campaign as Inter won the Scudetto.
Featured Image Credit: Alamy
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