Ashley Young will undergo his Everton medical on Tuesday ahead of a move to Goodison Park.
The 38-year-old is a free agent after leaving Aston Villa upon the expiry of his contract this summer.
Young has turned down other offers from the Premier League, Championship and Europe in favour of Everton.
Image:
Ashley Young won the Premier League and FA Cup with Manchester United
It is thought the deal is for a one-year contract with the option of a further 12 months.
Everton narrowly escaped relegation last season and are yet to make a summer signing.
Young is due to join Sean Dyche's side for a pre-season camp in Switzerland this week, ahead of a friendly fixture against Stade Nyonnais on Friday.
Light finally at the end of the tunnel for Everton?
Image:
Chairman Bill Kenwright has stepped away from his role
Everton's tale of woe appears to be a never-ending saga.
The board is in turmoil, facing financial difficulties, a legal dispute from a previous manager, and various other ongoing issues.
But, there might finally be some hope on the horizon. The club recently announced the formation of an interim board of directors, and there is positive news coming from New York. Future investors MSP Sports Capital have filed a company report confirming a substantial investment of £130m.
Supporter groups have long been urging for the removal of the existing board. Although 75 percent of this request has been fulfilled with the departures of CEO Denise Barrett-Baxendale, financial director Grant Ingles, and non-executive board member Graeme Sharp, the chairman Bill Kenwright has drawn the most scrutiny. With the recent announcement that he will retain his position during a transitional period, many supporters have voiced concerns that there will be no significant change.