Allardyce was agreeing terms before watching Everton's emphatic and confidence-boosting 4-0 victory against West Ham this evening, with Wayne Rooney's extraordinary hat-trick seeing off the side now managed by ex-Toffees boss, David Moyes.
Caretaker boss David Unsworth will remain in charge for Wednesday's key clash against West Ham, with Allardyce due to be in the hotseat for the first time against Huddersfield on Saturday.
Under-23 team manager Unsworth had taken temporary charge, but recent heavy defeats ended any lingering hopes that the former Blues' defender would get the role on a full-time basis.
Is Sam Allardyce the right man for the Everton job?
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Having spent heavy to bring in reinforcements over the summer, Everton have struggled to click this season; the Toffees now sit 17th in the Premier League, two points above the drop zone, and have already been dumped out of the Europa League, following a disastrous showing in the group stage. But his seven-game tenure has been little short of disastrous, with Everton losing five games and winning just one. A loss would see Everton sucked into the relegation zone.
After years of being unable to come close to matching the financial clout of the Premier League's big guns, Everton finally had significant backing thanks to new owner Farhad Moshiri.
The Toffees spent more than £130m on new players in the summer but have struggled without last season's top scorer Romelu Lukaku, who was sold to Manchester United for £75m in July. But that turned sour after only one match, with Allardyce stepping down in September 2016 following a newspaper sting.