A statement on the club's website said: "Everton can confirm that they have agreed a club record transfer fee of £11.25 million with Middlesbrough for the transfer of Yakubu.
"The Nigerian international centre-forward is now travelling to Merseyside for talks with The Toffees."
Ironically, the development came on the day Yakubu returned to training after going AWOL for two days following his no-show for Nigeria.
The former Maccabi Haifa and Portsmouth frontman joined his Boro team-mates for their session this morning as the deal was thrashed out.
He will now need to complete the formalities of a switch to Goodison Park, although no hitches are expected after a protracted pursuit by the Merseysiders.