The Toffees have reduced the initial fee to £18m, with a further £6m linked to appearances and European qualification, while the Blues will retain a 15% sell-on clause.
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George impressed during a loan spell at Goodison Park in the second half of last season, making 11 appearances and earning praise from manager David Moyes for his work ethic and attitude.
The 20-year-old England Under-21 international is now set to complete a medical and agree personal terms.
He is expected to become Everton’s second summer signing after Hayden Hackney, while Merlin Röhl’s loan has also been made permanent following a successful spell on Merseyside.