David Moyes will be hoping to strengthen his squad in the coming weeks after being informed that he will be able to use the money from the sale of Jack Rodwell to make new signings.
Everton received an initial payment of £12million from Manchester City, with a series of clauses and targets that if meet could see the Merseyside club receive more instalments over the coming years.
Everton have already signed Steven Pienaar for £4.5million from Tottenham earlier this summer, while Steven Naismith has arrived from Rangers.
However, Moyes still needs to bring in further reinforcements as he has now lost Rodwell and Tim Cahill, who has joined the New York Red Bulls, while Royston Drenthe and Denis Stracqualursi have both left after their loan spells at Goodison Park.
The Liverpool Echo believes that there are two names at the top of Moyes' list; one being Balckpool winger Matt Phillips and the other Kevin Mirallas of Olympiakos.
Phillips was one of the stand-out performers in Ian Holloways side last season as he scored 12 goals in all competitions and clearly caught the eye of Premier League managers.
Holloway earlier this week accused an unnamed Premier League club of making an illegal approach for the 21-year-old and would certainly not want to lose him.
Mirallas is also viewed as a potential new signing after finishing as the top scorer in Greece last season, while also impressing for Belgium where he is a team-mate of Everton midfielder Marouane Fellaini.
The 24-year-old, currently preparing for tonight's friendly with Holland, has faced questions from reports on whether he would be interested in playing in the Premier League.
"England would be good for me. It would be good for my family and a good opportunity," MIrallas is quoted as saying in the Liverpool Echo.
Mirallas would be viewed as a possible replacement for Cahill, despite not being a midfielder, as the Australian was often used in a forward role alongside Nikica Jelavic during his time at Goodison Park.