Everton hitman Cannon spent the second half of the season on loan at Preston and proved he can score goals in the Championship.
He grabbed eight goals in 20 Championship outings for North End, which included a goal glut of six goals in six games.
Preston want Cannon back and are aware that it could take a serious offer to convince Everton to sell.
And the Championship side are working on a bid that they could present to Everton for the Irishman.
Everton’s plans for Cannon remain undecided as the club fight for survival in the Premier League.
If they drop to the Championship, Everton are tipped to make sure they keep Cannon as they know he can score goals in the second tier.
Relegation would likely see Dominic Calvert-Lewin and Neal Maupay depart Goodison Park and the club’s young guns given an opportunity.
Cannon has a contract with Everton which runs until the summer of 2025.