Former Everton striker Tony Cottee has urged the club to give in to whatever Romelu Lukaku's contract demands are.

The 23-year-old was expected to sign a club-record five-year deal at Goodison Park earlier this season, only to perform a U-turn and suggest that he could be open to a move away at the end of the season.

Cottee admitted that the situation is "frustrating" for the club, but believes that they need to keep players like Lukaku if they are to achieve their ambition of breaking into the Premier League's top four.

"The Lukaku situation is frustrating. If you're an Everton fan, you want it to be sorted out. You don't want to be reading that your top striker is 99% certain of signing a contract and then, all of a sudden, he is not going to sign. I think only that man himself, Lukaku, knows the answer to it," he told Sky Sports News.

"The one thing you can't deny is he is still only 23 years of age, he has been in outstanding form this season, and he is one of the top strikers in Europe. Some people would say, if he doesn't want to be there, you cash in and you get the money.

"But, you try replacing him. Get your £50m, £60m, and try finding a striker that is going to fit that criteria. If it is about money, give him whatever he wants. Even if it is £250,000 a week. If you keep that player and he scores the goals that get you in the Champions League, it is an absolute bargain.

"I think he owes Everton one more season. I don't agree that Everton aren't going in the right direction, they are looking at a brand new stadium. If they were to beat Liverpool, they are hot on their heels, and have an outside chance still of getting in the Champions League. Next season they will be pushing more, spending money, and they will have a real charge at it. I think he should stay for one more season."

Lukaku is the Premier League's top scorer this season with 21 goals.