In just a season, he has lost the intimidating presence he had built after 64 goals in 95 appearances for Inter Milan in the Scudetto-winning campaign.
With just eight goals to show since re-joining Chelsea for a stunning £97.5million, it’s not surprising that his stock has fallen low.
According to highly-regarded Italian daily Gazzetta dello Sport, the striker leads the list that includes Manchester City’s Raheem Sterling and PSG’s Neymar as the players whose market value has drastically fallen this summer.
The Blues are yet to really kick start their summer signings having seen two key players in Antonio Rudiger and Andreas Christensen all leave.
The Lukaku situation is said to be fuelled by a supposed break in the relationship between the player and manager Thomas Tuchel, who is happy to look for a new striker.
Chelsea finished third in the Premier League but did win the Club World Cup and UEFA Super Cup, even if they painfully lost the Carabao Cup and FA Cup to Liverpool at Wembley.
They will be looking to put up a better challenge for the league title, but first have to deal with who is their lead striker with Lukaku, signed for that role, tumbling in value and confidence and on his way out.
There are some really interesting names on Gazzetta’s list including World Cup winner Antoine Griezmann, who has struggled to find the form that made him such a nightmare for defenders.
Below is the full list of players.

1. 10 - Raphael Varane of Manchester United
Since moving to Manchester United last season the French defender has devalued by £12 million. Credit: Getty | Getty Images

2. 9 - Anthony Martial of Manchester United
Another Manchester United man, Martial has seen his market value fall by £12 million. Credit: AFP via Getty Images | AFP via Getty Images

3. 8 - Marc-Andre ter Stegen of Barcelona
A tough year for Barcelona on and off the pitch means Marc- Andre ter Stegen has lost a whopping £15 million in value. Credit: Getty | Getty Images

4. 7 - Antoine Griezmann of Atletico Madrid
World Cup winner Griezmann, formerly of Barcelona, has also slumped by £15million. Credit: Getty | Getty Images