Everton have agreed a £42 million deal with Southampton for Tyler Dibling.
The clubs have reached a compromise in principle which includes £6m in add-ons, easily achievable on appearances, and a 20 per cent sell-on clause.
The 19-year-old featured 33 times for Southampton in the Premier League last season, scoring two goals, and was eager to explore a return to the top-flight this summer.
Southampton had initially priced the teenager out of a move but he made it clear he was keen to link up with David Moyes.
The Saints instigated talks on Friday and the clubs are close to finalising all terms, with a medical anticipated early next week.
Everton manager Moyes has been frustrated at being unable to get some of his targets quick enough.
'We have money to spend and we are trying to spend it,' he said ahead of Everton's first competitive match in their new Hill Dickinson Stadium on Sunday.
'It is not we don't have the money to spend, we do have, but we're finding it very difficult to spend the money at the moment.
'We've really gone for some top players but unfortunately, we've not been able to get them, so we might be finding ourselves coming down the ladder to find players because we are short on numbers generally. We are going to have to adjust.'
Asked what was preventing Everton securing a lot of their targets, Moyes added: 'Absolutely Europe. If you have European football you attract a a different level of player, you are more attractive.
'We have got to build an awful lot of trust with players and maybe agents to show we are a club moving in the right direction.
'I think our ownership have come in and helped us and they will give us a chance to spend more money but I believe the better players want European football, most of them or a lot of them do.'
Dibling has been capped by England at at U16, U17, U18, U19 and U21 levels.