The 20-year-old striker is in demand this summer with several Championship clubs interested in signing him.
Cannons scored eight times in 20 league appearances for Preston in the latter half of last season and they have been keen to get him back.
However, they are facing intense competition from several clubs such as Blackburn, Sunderland, Stoke City, Birmingham City and Sheffield Wednesday.
But it has been claimed that Preston are close to working out a deal to sign the forward on loan this summer.
The Deepdale outfit have agreed to meet Everton’s financial demands in their pursuit of Cannon.
Everton have been looking to bag as much as £1m before agreeing to sanction the forward’s loan.
Preston are pushing the boat out to get it done and are prepared to match Everton’s requirements.
The Toffees have received several loan offers and even a few bids to buy Cannon this summer.
But they want him to go out on loan and return to Everton as he is still rated highly at Goodison Park.
