It is believed that the Toffees are in pole position for Lookman who presently stars for Charlton Athletic.
The 19-year old is seen as a perfect replacement for Yannick Bolasie who’s knee ligament injury has ruled him out for the rest of the season.
As reported in the Independent, the only remaining sticking point is that Charlton want Lookman loaned back for the secondhalf of the season, while Everton want to bring him straight into their first team group.
The two sides are in negotiations and are likely to settle on a fee close to £8m with another £3m in potential add-ons.
Though he has starred for the England Youth teams, Lookman remains eligible to turn up for Nigeria at the senior level if he so decides like the likes of Victor Moses, Alex Iwobi and Shola Ameobi among others.