Everton and Crystal Palace have agreed a swap that will see Toffees winger Dwight McNeil head to Selhurst Park, with Wales international Brennan Johnson moving the other way to Goodison Park.
Both players are scheduled to have medicals on Monday ahead of finalizing the transfers.
The wide men are expected to sign initial four-year contracts with their new clubs.
McNeil, 26, came close to joining Palace in early February on a loan-to-buy arrangement that would have become a £20m permanent deal this summer.
That move collapsed when the paperwork could not be completed in time, despite McNeil passing a medical.
Afterward, his partner, Megan Sharpley, criticized Palace on social media, highlighting the mental health impact of transfers that fall through at the last minute and saying the situation was handled poorly and without explanation.
The move has now been revived, this time as part of an exchange involving Johnson.
Johnson, 25, who has 45 caps for Wales, scored the winner for Tottenham in their 1-0 Europa League final victory over Manchester United in May 2025.
He joined Palace for £35m in January and helped them reach the Conference League final, though he did not come off the bench in their 1-0 win over Rayo Vallecano as the Eagles lifted their first European trophy.
Johnson did not score in 26 appearances for Palace in all competitions, including 13 Premier League starts.
McNeil moved to Everton from Burnley for £20m in July 2022 and has scored 15 goals in 128 appearances across all competitions.
Everton finished 13th in the Premier League last season, with Palace two places lower, but Palace will play in the 2026-27 Europa League thanks to their Conference League triumph.
The clubs meet at Hill Dickinson Stadium on Saturday, 22 August, on the opening weekend of the new Premier League season.