The Lions have added two centre-forwards in Benik Afobe and Andreas Voglsammer this summer, with one more potential addition in the form of Cannon being explored.
Cannon is under contract with the Toffees until the summer of 2023 and it might be necessary to agree an extension before sending him out on loan.
The 19-year-old is rated very highly at Goodison Park and the Toffees are exploring their options with regard to his next destination so as to help him garner more experience via regular game time.
Millwall and Derby County are the sides currently in the race to sign Cannon on loan with Everton facing a big decision as to where they will send their promising striker.
Cannon made 25 appearances in all competitions for Everton’s Under-23 side last term, scoring eight goals and laying on an assist.
Millwall began the season with two home wins, over Stoke City and Coventry City, either side of a loss away at Bramall Lane.
The Toffees, by contrast, began their Premier League campaigns with a pair of losses, at home to Chelsea and away at Aston Villa.
Everton will take on newly promoted Nottingham Forest at Goodison Park on Saturday and hope to finally get their first points on the board.
