The Toffees have only conducted limited business in the summer transfer window so far, but are ramping up their efforts as the deadline approaches.
They are close to offloading striker Moise Kean to the club they signed him from, Juventus, while James Rodriguez is expected to move to Porto on loan.
Toffees boss Rafael Benitez wants to sign Porto’s Diaz and the club are now close to granting the Spaniard’s wish.
Everton are in the process of finalising the arrival of Diaz, who will be slotted into Benitez’s ranks before the transfer window slams shut next week.
The Colombia international joint top scored at the Copa America in the summer and is now set for a big move to the Premier League.
Diaz, 24, was secured by Porto in 2019 for a fee of €7.2m.
While Diaz will leave Porto for Everton, Toffees midfielder James, out of favour under Benitez, will move in the opposite direction.