The 18-year-old is attracting interest from several top European clubs, with the likes over Barcelona, Liverpool, and Man United keen.
Herrington is expected to return to Colorado after playing for Australia at the World Cup, where he became the youngest MLS player to ever start a game in the tournament.
He also missed a penalty in Australia's shoot-out loss to Egypt in the round of 32, but that hasn’t seemed to deter interested clubs.
Speaking ahead of their MLS game against San Diego FC on Wednesday, Colorado boss Wells was clear about the youngster’s imminent future.
"Lucas is here. Lucas is our player,” he said.
"There's a reason that we went through a very stringent process to identify the best young centre-back out there.
"We happened to find one in Australia, and we brought him here. We thought he'd be a perfect fit for this style of play that I was bringing to the club.
"So I think, less time spent on speculation, more time on praise for the club in terms of the process they do. It's not easy to ID a player of that age, on the other side of the world.
"And then you see the player that he has become in such a short space of time... I think the club deserve a huge amount of credit for that process.
"There are no timelines on anything other than, can I get him fit for San Diego? Because he's been away for a long time. We're delighted to have him back and let's get him ready for Wednesday."