Everton have triggered the option to sign Carlos Alcaraz on a permanent deal when his loan spell from Flamengo expires at the end of June.
The new deal for the 22-year-old will see him contracted to the Toffees until June 2027.
The Argentina international registered five goal involvements (two goals, three assists) in 16 appearances in all competitions during his loan spell with Everton.
His goal against Newcastle United on the final day of the Premier League season secured Everton a third consecutive win and 13th-place finish.
When compared to his attacking teammates Beto, Iliman Ndiaye, Dwight McNeil, and Jack Harrison, Alcaraz had the fourth-most shots on target (11), despite only joining in February, and the joint-second-most assists in the league.
However, his shot conversion rate was only 7.7%, higher only than Harrison's from the aforementioned players. He also accumulated just 1.7 xG from 26 shots.
Alcaraz joined reigning Brazilian champions Flamengo in August last year, producing three goals and two assists in 19 games, and lifting the Copa do Brasil before sealing his loan switch to Everton.