Gerard Deulofeu will rejoin Barcelona after they activated his buy-back clause.
Deulofeu spent the previous two seasons with Everton after securing a permanent move in summer 2015, following an initial two seasons prior.
But the winger struggled to recreate his first impression at Goodison Park and spent the second half of the previous campaign on loan with AC Milan.
Both Milan and Roma had emerged as potential suitors for Deulofeu despite Barca continuing to remain favourites due to their option to re-sign him.
A statement on Friday confirmed that the 23-year-old’s former club have triggered the option to recall him and will finalise the deal in the coming days.
Everton are set to net £10.5 million from the deal – more than double the original £4.2m outlay for Deulofeu’s switch to Merseyside two years ago.
The Spain international is currently preparing for his country’s European under-21 Championship final with Germany in Poland this evening.
His new deal at the Nou Camp is set to run until the end of June 2019.