Everton have slapped an astronomical £50million price tag on star striker Romelu Lukaku in order to ward-off potential suitors Manchester United and Chelsea this summer.

The Daily Mirror is reporting the Toffees - once known as a 'selling club' - can now afford to knock back big money offers for their star players courtesy of the investment of new majority shareholder Farhad Moshiri at Goodison Park.

Lukaku, who has scored 18 goals this Premier League campaign, still has three years remaining on his current deal with Everton and it is understood the club will not let him leave this off-season without a fight.

It is believed Everton plan to speak with Lukaku about offering the Belgian international a lucrative contract extension before they consider selling him to the highest bidder.

Bayern Munich and Paris Saint Germain are also understood to be interested in the 22-year-old.