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Lukaku has already agreed personal terms with Juventus but the Serie A club have been unable to strike a deal with Chelsea for the Belgium international.
Chelsea had identified Vlahovic as a potential arrival to bolster Mauricio Pochettino’s attacking options, which were limited this week following the news that Christopher Nkunku will be sidelined for around three months after undergoing knee surgery.
However, Sky Sport Italia now report that Chelsea have told Juventus that they will not press ahead with a move for Vlahovic unless the Italian club drastically lower their asking price.
Juventus are demanding a €40 million (£34m) fee for Vlahovic plus Lukaku, however, Chelsea are unwilling to go beyond €25m (£21.5m) with add-ons included.
In January last year, Juventus spent €75m (£62.8m) on signing Vlahovic from Fiorentina.
Speaking after Juventus’ friendly against their Next Gen side on Wednesday, Massimiliano Allegri stressed that he would be happy to keep Vlahovic in his squad for the upcoming campaign.
‘I’m happy with the squad I have, we have four important strikers: Vlahovic, Kean, Chiesa and Milik plus Yildiz who is a quality boy,’ Allegri said.
‘As [Cristiano] Giuntoli [Juve’s technical director] said, Vlahovic is Juve’s centre-forward, when faced with important economic offers the club will evaluate, as always. We have to become a sustainable club and I won’t comment on this.
‘I make technical evaluations and I am very happy with Vlahovic.’
Juventus, meanwhile, have come under increasing pressure from their own supporters to scrap their efforts to sign Lukaku this summer.
Last month, Juve’s supporters held a protest against Lukaku’s signing outside the club’s medical centre.
But during their pre-season friendly at the Allianz Stadium on Wednesday evening, Juve fans took it one step further as they chanted ‘noi Lukaku non lo vogliamo’, which translates in English to, ‘we don’t want Lukaku’.
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