The Belgium international is in talks about a return to Italy with the Rossonero.
Selvaggi told TMW: "I have always liked Lukaku as a player because he scores goals, knows how to keep the ball and works a lot for the team.
"It's true that he was disappointing at the European Championship and 30-40 million (euros) is perhaps too much. But I would take him on loan immediately: he is still very hungry and he is decisive. First he will have to make peace with Zlatan (Ibrahimovic). Romelu only on loan or with a discount."
On Bologna striker Josh Zirkzee, he added: "No, the deal hasn't closed yet but it's not like Milan to pay crazy commissions to agents. In some countries they have introduced a limit on the commissions to be paid but this FIFA regulation does not yet apply to Italy.
"But there are players on the market better than him and also with more experience. Although I don't deny that he would be a great signing for the new cycle. With (Daniel) Fonseca he could grow a lot."