Former England boss Sam Allardyce is being strongly linked with the vacancy and talks are said to be taking place between the club and his representatives.
The former Sunderland and Crystal Palace manager has a proven track record at avoiding relegation but is likely to need a few new signings in order to pull it off.
GETTYSam Allardyce is set for Everton- despite insisting he didn't want to return to management
Having previously shown interest in acquiring the services of Watford manager Marco Silva and then Ireland boss Martin O'Neill, Everton have now announced that Allardyce will take over from interim manager David Unsworth, who will lead the Goodison Park outfit for the last time tonight against West Ham.
I've always thought Everton was a great club.
Current interim manager David Unsworth will resume his role as Everton's under-23 coach.
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A salary close to the £6 million per season that Koeman earned is understood to have been agreed as the 63-year-old prepares to take the reins at Goodison Park.
Everton have lost seven of their 14 league games this season and can not qualify for the knockout stages of the Europa League after earning one point from their five Group E matches.
The Toffees spent more than £130m on new players in the summer but have struggled without last season's top scorer Romelu Lukaku, who was sold to Manchester United for £75m in July.
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His first game will be at home to Huddersfield on Saturday, and he will no doubt want to cap his first game off with a victory.
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