Everton broke their transfer record on Gylfi Sigurdsson last summer, but they are prepared to make Mina their second most expensive addition ever.
Everton have reportedly been impressed by the centre-back’s performances at the World Cup, where he has starred for Colombia.
Mina scored three goals for his country, before they were knocked out in the round of 16.
Everton are on the hunt for defensive recruits, as their current options all have question marks lingering over them.
Everton were porous last term, with the likes of Michael Keane and Ashley Williams struggling for form at different stages of the season.
The Toffees have been quiet in the transfer window since Marco Silva arrived, but are expected to spend big in the coming weeks to ensure that they have more quality at Goodison Park for next season.