The Belgium international has spent the last two seasons on loan at West Bromwich Albion and Everton respectively, scoring an impressive 32 goals.
Despite the fine performances, it is thought that Chelsea are willing to let the 21-year-old leave Stamford Bridge. Allofs has confirmed that Wolfsburg are monitoring the situation, but admitted that there will be plenty of competition for the striker's signature.
"If the player is getting cheaper, maybe this affair is picking up pace," Allofs told Kicker. "But even then we won't be the only club chasing the player's signature.
"Actually we are looking at top-class strikers and we do not have any pressure. We are patiently waiting for the right moment.
"There will be some movement in all of this after the World Cup tournament."
Lukaku joined Chelsea from Anderlecht in 2011.