Lukaku is in his first campaign at The Hawthorns and scored his sixth goal for the Baggies when heading the winner in Saturday's 2-1 home success over Norwich. Chelsea have the option to recall the 19-year-old during the January transfer window.
But Lukaku said: "I want to stay here. I've had so many questions in the last few weeks asking 'are you staying?' I have a lot of contact with Chelsea, but they are asking questions about my development and I tell them I'm very happy to be here."
He added: "I have not spoken to the manager (Rafael Benitez) but I know what is going on. For me, it is one year loan and then hopefully it may be one year again next season.
"I need to play as much as I can in the next two years. For me, it is very important to play week in and week out because, at 19, you want to develop and I hope to be one of the great players in the Premier League.
"That is my ambition but I have to be patient as well. I can learn a lot here, I can improve here. Chelsea know this season that I'm improving, and when I go back there, I want to be a much better player than when I arrived there.
"My main ambition is to start in the first 11 in every game at Chelsea. Chelsea know I'm a player that is hungry to play football and they will benefit from that in the future."
Lukaku has praised the impact on his game of Albion boss Steve Clarke, himself a former Chelsea number two under Jose Mourinho. He said: "I have a manager who wanted me from the beginning of the season and I have a great rapport with him. He's not scared to put me on the bench even if I played well the game before.
"It's really good to have a manager that is challenging me mentally and I like that because great players can always respond to that and hopefully I can be a great player in the future.
"In some games I don't play good and I score. Then in other games I play good and I don't score so I have to find the balance in that. Hopefully I can find that balance because big players play well and score as well. I want to be one of those. For me it is very challenging."