With 12 matches left to play, the Baggies are seven points behind Arsenal, who currently occupy the one automatic Europa League qualification spot in fifth.
However, despite having a substantial gap to bridge, loanee striker Lukaku has insisted that the club should still regard a spot in Europe as a "target".
"Europe is still a target, especially for me," he is quoted as saying by the Express & Star. "I think that's the next step for me and I think it is the next step for the club as well.
"You have to take things one step at a time but if the club gets stronger for next year, then why not?"
Lukaku has scored 10 goals for West Brom since his season-long loan switch from Chelsea.