Having previously rejected an offer from the Saudis, Corriere dello Sport reports that Lukaku has turned down a new two-year proposal worth a staggering €100 million.
The Saudis were willing to pay around €50m to lure Lukaku away from Chelsea, but the Belgian international striker has his heart set on a move to Turin.
Chelsea are desperate to offload Lukaku this summer and would prefer to sell him to the Saudis, who are tabling a transfer fee higher than Juventus.
However, the player is insistent on his desire to remain in the Serie A after holding talks with Juventus over a summer move.
Having spent the last season on loan at Inter Milan, the Nerazzurri had prioritised signing the Belgian on a permanent deal from Chelsea.
They had already agreed a transfer fee with the Blues, feeling confident Lukaku would pledge his long-term future to them after publicly declaring his love for the club.
However, Lukaku became reluctant to sign with Inter, with reports emerging he has held talks with Juventus and has an existing agreement with the Bianconeri.
Juventus have offered Lukaku a three-year contract worth €9m per year, significantly lower than the proposal from Saudi Arabia. The Bianconeri are also offering a €40m fee to Chelsea.
Talks have not progressed further, with Juventus waiting to offload Dusan Vlahovic before finalising a transfer for Lukaku, who is keen to work with Massimiliano Allegri next season.
Vlahovic has been strongly linked with a move to Paris Saint-Germain, who are in the market for a replacement for superstar contract rebel Kylian Mbappe.
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