Cannon, 20, came through the youth ranks at the Merseyside outfit and he spent the latter half of last season on loan at Preston North End in the Championship, where he impressed.
A host of Championship sides want to sign Cannon this summer, with Stoke and Sunderland both keen, while Preston would like him back.
Sean Dyche had reservations over sanctioning Cannon’s exit from Goodison Park this summer as he wanted to maintain the squad depth in his attacking ranks.
Now the Merseyside outfit are closing in on a deal to land their attacking target Beto from Udinese, Everton will reassess what to do with Cannon when he arrives.
Beto joining Everton would likely make the path into the team even tougher for Cannon.
Cannon is on his way to recovering from an injury and is keen on getting regular playing time this season.
A move back to the Championship on loan would likely hand Cannon an opportunity to feature week in, week out and continue his development.
