According to Tancredi Palmeri, a reliable journalist in Italy, the Real Madrid player has agreed to a basic salary of €4.5millon-per-year with Everton ahead of a Premier League switch.
However, he adds that the Merseyside club are year to meet Real Madrid’s €25m valuation for the midfielder playmaker.
Rodriguez, who returned to the Santiago Bernabeu following a two-year loan stint with Bayern Munich last summer, has failed to seal his place in the alps Blancos first team.
Since his arrival, the Colombian has made only 14 first-team appearances under Zinedine Zidane in all competitions, as he frequently featured off the bench.
The Colombian ace has failed to live up to the expectation after his scintillating performances at the FIFA 2014 Word Cup, which earned him a record move to the Spanish giants.
He has since fallen out of favor after a series or reoccurring injuries coupled with a sour relationship with the Madrid boss.
SS Lazio are also keen on bringing the 29-year-old to the Stadio Olimpico, but it appears he favors a move to the Premier League and a chance to reunite with the Toffees head coach Carlo Ancelotti.
Rodriguez and Ancelotti have a great working relationship as the Italian was his manager both at Madrid and during his Lon spell in Bayern Munich.
The Colombian international has been in potent form since his arrival at the Santiago Bernabeu in 2014. In 61 LaLiga appearance, he had a direct hand in 51 goals as he scored 29 goals while setting up 22 for his teammates.
Last season, however, the 29-year-old made just eight appearances in the famous Madrid shirt, scoring one goal and one assist.