The Blues are keen on the Portugal star but only want to pay £16.7 million for him.
Portugal's William Carvalho has his penalty saved during the shootout
The Blues are expected to be busy in the summer transfer window as Ronald Koeman has been given the green light to spend by shareholder Farhad Moshiri.
They have so far only brought Maarten Stekelenburg to the club, but more arrivals are anticipated.
Portugal's William Carvalho and Sweden's Oscar Lewicki in action
One position Koeman is reportedly keen to add in is defensive midfield, with the Mirror reporting that the area is one of three positions he wants to improve.
And according to Record, Sporting Lisbon midfielder William Carvalho is one of the players he is looking at. However, they are currently unwilling to meet the Portuguese side’s high asking price for the Portugal star.
France's Moussa Sissoko in action with Portugal's Cedric and William Carvalho
He has a £37 million release clause in his current contract, but an offer bigger than £29 million will force Sporting to negotiate over him.
Unfortunately that is more than Everton are willing to pay, with the report claiming that the Blues are only willing to pay £16.7 million for the player and it unknown whether they will match Sporting’s value.
England's Jack Wilshere in action with Portugal's William Carvalho