Everton will spend some of the cash from Joleon Lescott's sale to Manchester City on Russian winger Diniyar Bilyaletdinov.
A delegation from Goodison Park is expected to fly to Hamburg in the next 24 hours to conduct a medical on the Locomotiv Moscow left winger who is likely to cost boss David Moyes close to £9million.
The 24-year-old will need a work permit, but with him being a regular in the Russia side, that is unlikely to be a problem.
Holding the medical in Hamburg will also speed up the move ahead of next week's deadline because Bilyaletdinov does not have a visa as yet to enter the UK.
Lescott was in Manchester on Monday completing his own medical which will trigger an end to the summer-long saga over his transfer to Eastlands.
Everton will get £22million, rising to £24million with various add-ons, and that gives Moyes just a week to do his own transfer business.
Everton acquired a work permit on Friday for Valencia's Argentina international midfielder Ever Banega, who has been on loan at Atletico Madrid.
But there is still some confusion over that deal, with Valencia and the player's agent insisting they are not in negotiations with the Merseysiders.
Moyes, who claims he wants four new faces in his squad before the transfer window shuts, is aiming to buy two defenders.
He has been linked with Stoke's Ryan Shawcross, Middlesbrough pair David Wheater and Robert Huth, Bolton's Gary Cahill and Arsenal's Philippe Senderos. It was also claimed that Everton were also in contact last week over Stephen Taylor's availability.