Cannon spent the latter half of last season on loan at Preston North end and registered eight goals in 20 matches with the Lilywhites.
Preston are keen on bringing in the 20-year-old forward again on loan this season and are being rivalled by other outfits, including Stoke City and Sunderland.
Everton also want to ship out Cannon this summer to provide the highly-rated attacker with valuable first-team experience.
Preston boss Ryan Lowe admires the Irish talent but the Lancashire outfit have yet to strike a deal with the Toffees for the forward.
Despite claims that Preston remain in pole position to snap up Cannon, it is suggested that the Black Cats are still pursuing the young talent.
Sunderland boss Tony Mowbray is hoping to make further additions to his upfront stocks in the ongoing transfer window.
And all eyes will be on the Stadium of Light outfit to see whether they will be able to snatch the 20-year-old attacker from under the noses of Preston.
