The Blues could activate a clause during the transfer window whereby Lukaku would have to return to Stamford Bridge.
But Lukaku does not believe the appointment of Rafael Benitez as manager will alter his own position and he expects to stay at the Hawthorns until May.
Lukaku, in an exclusive interview with the Wolverhampton Express and Star, said: "I don't think about the option. I am very happy to be here for one year.
"Hopefully, this season will end very well and we will see what happens in the future.
"After January, I am sure I will be at West Brom. I am very happy to know that in my head.
"Hopefully, I will do well for the rest of the season."
Lukaku added: "I don't think things will change (after Benitez's appointment). I think he has his plans and I am happy with the team here.
"If I focus too much on Chelsea it wouldn't be good for me, so I will focus on being here.
"In my head, I am here for a year and it has to be clear I am here for a year and not for six months."