Multiple outlets reported on Monday that Everton have reached an agreement with Monaco to sign the 25-year-old striker. Personal terms are reportedly still in the works ahead of a potential move on Tuesday's transfer deadline day.
Various reports through the summer said that Balogun was expected to leave Monaco this summer, despite the fact that the striker still had two years left on his contract. Talks over a new deal never began, furthering the links abroad, with Everton ultimately being the club most likely to get a deal over the line.
The deal comes as Everton prepare to sell their own striker, Beto, who is nearing a move to Fiorentina after undergoing a medical on Monday. That move leaves Thierno Barry as the club's only recognized No. 9.