Costa has been heavily linked with a move away from Vicente Calderon, with Chelsea reported to be firm favourites to sign the 25-year-old, who netted 27 goals in 35 La Liga appearances last season as Atletico were crowned Spanish champions.
And Joel believes Lukaku going in the opposite direction would be a perfect deal for both clubs after playing alongside the Belgium international at Goodison Park in 2013-14.
Lukaku's loan spell at Everton saw him score 15 goals in the Premier League, but his future at Stamford Bridge remains uncertain.
And Joel believes he is the kind of player that Atletico coach Diego Simeone likes to have at his disposal.
"He is a lot like Costa but I would say he is even more physically powerful," Joel told Mundo Deportivo.
"He is a real animal, a beast. He is also a player who fights a lot and has a goal in him, like Costa.
"Lukaku is a player who always faces up. He never hides if a game gets ugly, and has a lot of character. No doubt, he would be a good signing for Atletico.
"He is the typical type of player for Diego Simeone and would convince him from day one.
"He would suit Atletico's game smoothly, he is very fast and I think he would do well."
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