Standard Sport understands there is confidence the former Arsenal man will complete the move, with a fee expected in the region of £20million.
After losing Aleksandar Mitrovic and eight further players this summer, it has been a busy transfer window for Fulham, who have signed Raul Jimenez, Adama Traore, Calvin Bassey, Timothy Castagne and goalkeeper Steven Benda.
Avoiding any final hiccups, Iwobi will become Marco Silva’s latest summer recruit.
Iwobi returns to London after four years away, having previously graduated through the academy at Arsenal.
The 27-year-old Nigerian international played against Fulham in the Toffees’ opening-day defeat at Goodison Park, and has made two appearances so far this season.
Iwobi will offer Fulham valuable competition for places in attacking areas, with left-wing his favoured position.
He has scored nine goals in 140 appearances for Everton.