The winger was at the Merseyside club's Finch Farm training ground on Tuesday to undergo a medical and thrash out personal terms after a £20m fee was agreed with
Arsenal.
Inksport understands the deal has now been finalised and Everton will announce the 28-year-old's signing latter today .
Walcott was deemed surplus to
requirements at Arsenal after 12 years in north London.
He has scored 108 goals in 397 matches for the Gunners but his last Premier League start for the the club came in April 2017.
The 47-cap England international, who won two FA Cups with Arsenal, becomes Everton manager Sam Allardyce's second
signing of the transfer window.
Striker Cenk Tosun, a £28million arrival from Besiktas, made his debut at the weekend, playing an hour of the 4-0 defeat to Tottenham at Wembley.