Everton have been linked with Morgan Gibbs-White this summer, and now a new update has emerged that will put a dampener on the club's pursuit of the player.

What's the latest?

According to the print edition of The Mirror (via Goodison News), Nottingham Forest are plotting a club-record bid to sign the Wolves midfielder this summer.

It's thought Everton have been an interested party throughout the window but it's Forest who are currently the frontrunners, meaning it is now incredibly unlikely the Toffees are able to complete a switch themselves.

It's a pointless pursuit

After signing Amadou Onana, working on a deal for Idrissa Gana Gueye and now reportedly showing interest in Mohamed Camara, it seems like a pointless pursuit for the club as they will unlikely be unable to meet the whopping £50m asking price that Wolves have set at the moment.

Despite selling Richarlison for £60m to Tottenham Hotspur, it is no secret that Everton are in some financial concern after recording losses of over £100m in the last three consecutive years and that has been reflected in the way they have done business this summer.

The club are renowned for their reckless spending over the transfer window with over £500m spent on new player signings since Farhad Moshiri arrived back in 2016. However, over the current transfer window Everton are treading much more carefully.

Out of the five new players joining the squad at Goodison Park two have been loan moves and the signing of James Tarkowski was on a free transfer, Dwight McNeil joined for an undisclosed fee and Onana cost the club £32.4m.

There is no doubt that Gibbs-White would have been a big coup for the club as he displayed his talents during a fantastic loan spell with Sheffield United last season.

The 22-year-old dynamo who was hailed "powerful" by Chris Basham scored 11 goals, delivered nine assists and created a whopping 16 big chances, proving that he could certainly add goal-scoring opportunities from the centre of the pitch for the Toffees.

However, the reality is that Everton need to tighten up and spend responsibly to ensure they are not caught in breach of FFP guidelines and with that considered, the club will either need to identify more midfielders that fit the budget or stick with what they have and hope that the new signings can improve the team this season.