Walcott was seen entering Everton's training complex Finch Farm on Tuesday, where he underwent and passed a medical ahead of his transfer.
The forward also agreed personal terms with what will soon become his new club, after 12 years at the north London outfit.
According to 'Sky Sports', Everton will pay in the region of £20million for the 28-year-old's services, with the final details of the deal left to be finalised.
After a summer in which Everton splashed out to bring in an influx of eight new players, Walcott fits more into the Toffees' transfer policy. Attack-minded and with a point to prove, he will also provide the pace Everton have lacked up front.
With plenty of experience in the Premier League, Walcott may still have his best years ahead of him. Sam Allardice sees the winger as someone who can provide an immediate impact and the Everton manager is very close to getting his man.