He will not play for United against Inter in Singapore on Saturday.
"You know I like this player," said Conte.
"As I said before, I like this player and consider him an important player for us to have a good improvement but at the same there is a transfer market.
"We know very well which is our situation at the moment and we will see what happens but for now Lukaku is a United player."
Inter's move for Lukaku is thought to hinge on the future of Mauro Icardi, who has not travelled on the club's summer tour of Asia amid reports he is to leave.
When asked about the Argentine striker, Conte replied: "The situation is very clear, the club was very clear that Icardi is out of Inter's project. This is the reality."