After enjoying an impressive campaign with Preston North End during the second half of the season, Cannon has been attracting attention from a number of clubs in the Championship.
Everton want a substantial loan fee, believed to be £1m, for the striker, who is now closing in on a return to Deepdale.
Sunderland have held a serious interest in Cannon, but it is suggested they have never been prepared to pay Everton’s loan fee.
Instead, Sunderland were open to a permanent deal if they could find the cash to do it and if Everton were open to it.
Sunderland could bring in cash by selling in-demand winger Jack Clarke, who is wanted by Burnley.
Other Championship sides such as Stoke City, Birmingham City and Blackburn Rovers have been interested in signing Cannon this summer.
He ended last season with 20 Championship appearances for Preston, scoring eight goals and setting up one more for his team-mates.
