The Toffees have agreed a £300 million deal to acquire land on the Bramley Moore Dock site, where they will build their new 55,000 capacity stadium, according to the Telegraph.
Everton have been living in the shadow of bitter rivals Liverpool for quite some time now, and will be hoping that the switch to a larger arena will help them compete financially with the Premier League's elite clubs, and subsequently close the gap on the Reds.
The Blues have still not yet received planning permission for their proposed move, however, although they do expect to hear a decision regarding the matter sometime early next year, according to the Telegraph.
If the deal does all go through as planned, and the Toffees move into their new home, they will be in a fantastic position to finally challenge their arch rivals.
Everton have not finished about Liverpool in the league since the 2004/05 season, and that doesn't look like changing any time soon, with Jürgen Klopp's men currently sitting comfortably in fourth position in the table, whilst Sam Allardyce's side occupy 10th spot.
Things are beginning to look brighter for the Blues, however, after two consecutive league wins, and if they can somehow find a way of finishing inside the top seven, they will be in a strong position to go on and strengthen further still in the summer.
If and when they move to their new stadium, with the increased capacity, Everton will finally have the platform from which they could genuinely mount an assault on their neighbours, and maybe even challenge for major honours.