Barry spent the whole of last season on loan at Goodison Park, and securing Barry's signature on a permanent basis represents something of major coup for Roberto Martinez and his side.
Along with James McCarthy in the Everton midfield last season, they formed an effective partnership. Barry was allowed to sit deep and dictate a lot of the proceedings whilst the more youthful McCarthy pressed and provided energy as well a terrific technical ability.
When they won their midfield battles it was because they set a platform for the rest of the side to go forward from. They allowed both Leighton Baines and Seamus Coleman to use their attacking strengths and provide a threat for Everton going forward - whilst Ross Barkley playing ahead of them allowed some attacking freedom, and plenty of movement to get the better of opposition defences.
At the age of 33, Barry still has plenty to offer in the midfield role and he is a player that has operated in that role in a Premier League title winning side, so he knows what it takes to perform there on the big stage, which could be vital with Everton entering Europe next season.
Roberto Martinez had a relatively settled side last season, and of course there is going to be a need for more new faces at Goodison Park if they are going to kick on from their excellent fifth-place finish. But having the experienced and talented performer of Barry around is going to allow Everton to keep hold of one of their core strengths from last season, and he is likely to play a key role when it comes to fresher faces integrating within the Everton squad.
Everton may have to pay a fee of £2.5 million according to the report in the Manchester Evening News, but it could be one of the best pieces of business they do this summer.