Everton are turning to Fatawu after being frustrated in their attempt to land Southampton winger Tyler Dibling.
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The Blues had an offer of £27m rejected by Saints last week and were expected to try again.
However, Sky Sports says Everton are now switching their sights to Fatawu as manager David Moyes seeks a new winger addition.
Everton view Fatawu as the better value-for-money option with Southampton insisting Dibling won't leave for less than £45m.