Everton are prepared to let Cannon leave Goodison Park on loan in order to speed his development with regular first team football.
A host of sides have shown interest in Cannon, but he has been tipped to head to Championship side Preston.
The Deepdale outfit are waiting though for Everton to finalise the loan deal in order that they can sign Cannon.
Preston currently sit in tenth place in the Championship table and have had an issue with scoring goals this season.
They have only hit the back of the net 24 times in 26 Championship games.
Cannon has been in fine goalscoring form for Everton’s Under-21s, hitting the back of the net seven times in eleven Premier League 2 outings.
He also netted against senior opposition in the EFL Trophy, striking five times in five games in the Toffees’ run to the third round of the competition.
There are high hopes for Cannon and all eyes will be on how he copes with the Championship if he makes the move.
