The Ghana international is understood to be on the verge of moving from Stamford Bridge to Goodison Park on loan after the Toffees fought off interest from a host of Premier League and foreign clubs.
It looked as if the deal had collapsed over the past few days amid a dispute over his wages and a fee involved, but Everton are thought to have relented and offered to cover both his salary and a payment to their London rivals.
Atsu will follow Romelu Lukaku to Merseyside, with the Belgian forward having made his temporary switch a permanent one in a £28m deal.
Chelsea only signed the 22-year-old from Porto last summer, but have already sent him away from the club once to play for Vitesse Arnhem last term.
It is believed that Jose Mourinho will use the African’s performances in English football with Everton to assess whether or not he has a future with the Blues.