According to Corriere della Sera, Inter have submitted a 45 million euro bid, including add-ons, up from their initial 40 million euro offer, as they seek to strengthen their attacking options.
Atalanta have battled to keep their key player. Having already parted ways with striker Mateo Retegui earlier this transfer window, the Bergamo side are keen to hold onto Lookman, a standout performer for them.
The club have offered the 27-year-old a new contract worth 5 million euros net per season, a substantial increase to deter Inter's interest.
Despite Atalanta's efforts, Lookman's sights are firmly set on the Nerazzurri. Corriere della Sera reported that Inter have agreed personal terms with the forward on a deal worth around 4 million euros net per season, less than Atalanta's offer.
Yet, Lookman has indicated he is prepared to accept the lower salary to join the Serie A champions."Lookman's desire to play for Inter is driving this transfer," a source close to the negotiations told Corriere della Sera.
"He sees this as a chance to compete at the highest level and challenge for major trophies."
Atalanta's coach, Igor Tudor, has previously lauded Lookman's versatility and impact, saying, "Ademola brings energy and unpredictability to our attack. He's a vital part of what we do."
However, recent posts on X from Italian football insiders suggest Tudor is bracing for Lookman's departure, with one user stating, "Atalanta are already scouting replacements, knowing Lookman's exit is near."
Inter's push for Lookman aligns with their ambition to defend their Serie A title and compete strongly in Europe under coach Cristian Chivu.
The former Everton and RB Leipzig star, known for his pace and flair, would add depth and quality to Chivu's squad.
As talks progress, Lookman's determination to join Inter could prove pivotal, leaving Atalanta to plan for life without one of their brightest stars.