By London correspondent Tony Hughes

Arsenal have been installed as the new favourites to sign Everton striker Romelu Lukaku.

The Belgium international had his odds slashed to 3/1 by betting company Sky Bet on Sunday night to make a sensational move to Emirates Stadium.

The second favourites to land Lukaku are Chelsea, who are priced at 7/2, while Juventus are a distant third at 18/1.

Intriguingly, it is Chelsea who have been more widely linked with a move to sign Lukaku this summer.

The Sun claim that the Toffees star striker is determined to leave Goodison Park this summer and believes that re-signing for his old club is still possible.

Sky Italy journalist Gianluca Di Marzio claimed that the Stamford Bridge club had submitted a stunning £50million bid for the Belgium international and it looks like Lukaku is also keen on a return.

However, according to the Daily Telegraph, Everton value Lukaku at £75million, but boss Ronald Koeman is resigned to losing the former Anderlecht star striker this summer.

Chelsea have yet to come to Everton with an improved bid, which leaves the forward in stalemate.

Arsenal are in the market for a new centre-forward after failing to sign Jamie Vardy from Leicester earlier in the summer.

It is believed that 23-year-old Lukaku has told people close to him that he has unfinished business at Chelsea and is willing to go back this summer.

Lukaku is in demand after scoring an impressive 25 goals in all competitions in what was a disappointing 2015/15 season under manager Roberto Martinez.

The highest transfer fee the Merseyside club have received for a player is the £27.5million from Manchester United for Marouane Fellaini, with the potential Chelsea fee almost double that.

Everton’s number 10, who moved to Chelsea from Anderlecht back in 2011, is himself Everton’s record signing, joining permanently from the west Londoners for £28million two years ago.

In other Everton transfer news, the Toffees are lining up a move for Porto defender Bruno Martins Indi.