Arsenal forward Alex Iwobi is undergoing his medical at Arsenal ahead of the completion of a deal 90min understand to be £38m.
The Toffees submitted a surprise £30m bid for the Nigerian international on Wednesday that was rejected. However, the Merseyside club have since gone back in with an offer understood to be £38m, which has been accepted by the Gunners.
And now, as reported by BBC Sport's David Ornstein on Twitter, it is understood that Iwobi is in the process of undergoing his medical in London, after which he will put pen to paper on a five-year deal at Goodison Park, with the deal expected to be completed before the window shuts.
In a tweet, Ornstein explained: "Alex Iwobi is undergoing a medical in London and will sign a five-year contract to join Everton from Arsenal.
"All should be completed without a problem by 7pm deadline."
This was then corroborated by journalist Vaishali Bhardwaj, who revealed that the player's deal sheet had been submitted, alongside that of David Luiz, who is set to join Arsenal from Chelsea in an £8m deal.
The deal sheet prolongs the 5pm deadline by two hours, allowing clubs extra time to get those last few deals over the line.
Bhardwaj wrote: "Can confirm deal sheets have been submitted for David Luiz to join Arsenal from Chelsea and for Alex Iwobi to join Everton from the Gunners."
Iwobi rose through the youth ranks at Arsenal, joining the first-team squad in 2015, and has since gone on to make 149 appearances for the north Londoners, picking up 15 goals and 27 assists.