The Everton goalkeeper, who played alongside the Belgian in 2013-14, believes he would be the perfect replacement for Diego Costa, who is set to join Chelsea this summer
Costa has passed his medical at Chelsea ahead of a £35m move, with the 25-year-old having 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.
"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."