Oh yes, a Lovey, I know all too well about those! :) My 5 year old has a red fleece blanket (no idea why he got attached to it), 3 1/2 year old has a bunny (bunny head, small blanket body) and my 20 month old has a duck (duck head, small blanket body). I think at this point all three lovies have become attached to each child because they are never without them. I know someday all three items will be in my cedar chest as a tangible memory to these years.
Just out of curiousity, why are the parents trying to get him to "trade" his blankie?