Oumar Niasse is set to complete his transfer from Lokomotiv Moscow to Everton.
The Guardian report Niasse is to undergo a medical on transfer deadline day, ahead of a £13.5 million switch.
That fee will be the most expensive signing from an English club so far in this transfer window, although it could of course be eclipsed over the course of deadline day.
The previous highest were the £12 million fees paid by Newcastle United for Jonjo Shelvey and Andros Townsend.
Niasse is still to finalise his personal terms, but Everton are confident a deal can get done.
The 25-year-old is a Senegal international who can play up front and on the wing.
The BBC reported Everton's top transfer target was Dinamo Kiev's Andriy Yarmolenko, but they have been unsuccessful so far in acquiring the winger.
Niasse has 12 goals in 21 games this season and could forge a lethal strike partnership with Romelu Lukaku, although The Sun suggest he is being bought as a replacement for the Belgian, who could leave in the summer.