Cannon has turned heads with his performances in Everton’s Under-21s and it had been thought he could be given a sustained opportunity in the first team after warm words from Frank Lampard.
Everton have recalled another striker in the shape of Ellis Simms from his loan stint at Sunderland though and now Cannon is on the way out.
The Toffees believe that a loan spell could benefit Cannon and are prepared to sanction it.
Both Oxford United and Fleetwood want to snap Cannon up, but it is Sheffield Wednesday that are leading the chase.
It is claimed that the Owls only need to convince Everton that they will hand Cannon enough game time in order to get the deal over the line.
Joining Sheffield Wednesday would throw Cannon into the thick of a promotion battle in League One and Everton may want him to have that experience.
Oxford United and Fleetwood may have to hope that Wednesday cannot convince Everton on game time for Cannon in order to have a shot at landing him.
