Grant is yet to make a first-team appearance at Everton.
Argyle manager Adams confirmed to the Herald on Thursday that he was in talks with a Premier League club over the signing of a midfielder, with only formalities to be completed before Grant puts pen to paper with the 15th-placed side.
"It’s a Premier League club that we are dealing with so we are just waiting for the paperwork to be verified and signed," Adams said.
Now, that appears to be Everton's 22-year-old academy product Grant, who is yet to make a senior appearance for the Toffees.
However, Grant has an extensive knowledge of the loan system in both England and Scotland, turning out for the likes of Doncaster Rovers, Ipswich Town and Scottish Premiership side Motherwell.
This season, the one-time England Under-18 international has featured for League Two side Crewe Alexandra during the first half of the season - clocking up 18 appearances for the Cheshire-based side.
But Adams believes a step up to the third tier is not beyond Grant's ability and is looking to land him on loan until the end of the season. The move could even turn permanent, with Grant's Everton contract expiring this summer.