The 19-year-old winger has been given permission to undergo a medical on Merseyside and the move is expected to go through before Monday night’s 7pm deadline.
Everton were one of a number of English and European clubs to closely follow his situation in January, and they are now set to sign him after Manchester City loanee Jack Grealish was ruled out for the season with a stress fracture in his foot which could require surgery.
Chelsea have used academy graduate George sparingly this term, and he has made just four appearances in the Premier League - none of which were starts.
He was originally a breakout star of the Blues’ run to Conference League glory last season under previous head coach Enzo Maresca, who promoted both George and centre-back Josh Acheampong into the first team regularly for that competition.
Explaining the contrasting situations regarding George and Acheampong ahead of the transfer window closing, Chelsea boss Liam Rosenior said on Friday: “Tyrique, unfortunately for him, hasn't had many minutes, so there's a different individual situation for him.
“Josh is an outstanding player. I want Josh with me.”