The proposed transfer must be completed before Tuesday’s 2200 GMT deadline, with Everton expected to finalise personal terms and conduct the striker’s medical before confirming the move.
If completed, the deal will mark Balogun’s return to the Premier League three years after he left Arsenal for Monaco in a transfer reportedly worth £35 million.
The 25-year-old forward was born in New York but moved to London as a child and developed through Arsenal’s youth system.
Balogun has established himself as an important player for Monaco, scoring 31 goals in 91 appearances and featuring in the UEFA Champions League.
He also attracted significant attention during the recent World Cup with his performances for the United States.
His tournament campaign, however, was overshadowed by controversy after he received a red card against Bosnia, initially resulting in a suspension that ruled him out of the last-16 encounter with Belgium.
The suspension was subsequently overturned following intervention by United States President Donald Trump.
A successful move to Everton would see Balogun return to English football and provide the Premier League club with another attacking option ahead of the new campaign.
