How much Everton will pay for Folarin Balogun and next steps as deal agreed

Everton appear set to seal the signing of Folarin Balogun.

David Moyes has been chasing reinforcements in the final third all summer, and it looks like he will get his wish.

The Blues has submitted offers for the United States striker, but they were supposedly still far apart from Monaco's valuation.

Now, the two sides have reached an agreement for the 25-year-old, and he will move to Hill Dickinson Stadium.

That is as long as the final step is completed, which could still complicate things.

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Everton agree deal for Folarin Balogun capture - how much will they pay?

Everton have plucked up the cash to force the Ligue 1 side to sell their prized asset.

Fabrizio Romano claimed on Monday that they would pay £38.5million, with a further £4.2m in add-ons.

He stated that a club-to-club agreement had been reached, that also includes a sell-on clause.

It is understood that personal terms are being negotiated, which the Italian journalist has labelled as "the final key step".

Why do Everton want Balogun?

The reason why the Blues want to add Balogun to their squad is obvious: they need to.

Thierno Barry needs competition for his place, as despite scoring four in his first three games this season, he is still inconsistent.

Beto looks set to join Fiorentina, with a medical on the cards, and has already been pictured in their colours.

Balogun's numbers are very encouraging, as he notched 19 goals and five assists in all competitions last season.

He enhanced his reputation even further, with three goals and an assist in four matches at the World Cup earlier this summer.

He is only 25 years old, so there is plenty of room for him to become even better and he already has experience of English football.

He featured 10 times in his time at Arsenal, where he spent 15 years before moving to France, so he shouldn't need much time to settle.