Both Arsenal and Manchester United are interested in the 25-year-old, but are unlikely to be able to convince Everton to sell after the clause expires.
David Moyes apparently demanded the clause was inserted when Fellaini extended his contract in 2011 to ensure Everton would have enough time to find a replacement for the Belgian should it be triggered.
Arsenal and Manchester United have both been focussing on other targets recently, but the deadline could see them step up their interest in Fellaini in the next few weeks.
Arsenal forward Gervinho will make a decision about his future in the next two weeks, and is expected to leave the club with several teams chasing the Ivorian.
Gervinho is not on Arsenal pre-season tour due to illness, and could have his pick on several top teams if he opts to leave this summer.
Roma, Marseille, Lyon and Juventus have all expressed an interest in the 26-year-old, who joined Arsenal two years ago in an £11million move.
Arsenal will hope to recoup around £8million of that fee by selling Gervinho this summer, with Arsene Wenger keen to overhaul his attacking options.
There has been speculation for over a month that Higuain was on the verge of agreeing a move to Arsenal, but the striker is now considering staying at Real Madrid, having been impressed by new manager Carlo Ancelotti’s plans for the club.
Arsenal are also pursuing Wayne Rooney and Luis Suarez, and hope to have an answer from Higuain next week so they can focus on other targets if required.
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