The club has been asked to consider banning the song which is sung to the tune of 'Made of Stone' by the Stone Roses and has been heard several times since Lukaku's move from Everton this summer.
Anti-discrimination group Kick It Out has described the chant, which suggests that the Belgian has "a 24-inch penis", as "offensive and discriminatory" for using the ethnic stereotype that black men have large penises.
Ince, who enjoyed a memorable six-year spell at Old Trafford, believes that the song is a bit of fun, but admits that it may be deemed obscene by some fans at the ground.
The 49-year-old told Paddy Power News: "Personally, I don't think the chant is racist. I honestly think it's a group of fans that have got carried away and did not expect the backlash they have got. I'd say it's just a bit of fun, that's got out of control now.
"For a player to hear that sung about themselves, I do think they'd think it was amusing, a bit of a laugh. If this chant was being sang at me when I was playing, I would just laugh it off and that would be it. Fans have sung chants for years and far worse than that in my time, though I suppose a lot of them would have never been heard because of social media.
"But, to be honest, it's not just about Romelu Lukaku and how he feels about it. It's also about how other people in the stadium might feel hearing that, children, elderly people and families. It's not something you should be singing anyway. Whether it's racist or not – which I think is a massive grey area – from a club point of view fans shouldn't be singing that."
Lukaku has yet to comment on the furore regarding the chant.