Moyes was the highest paid manager in the Premier League and the Toffees are set to spend less than half of his wages on a new boss, leaving funds left over for summer arrivals.
The Merseyside club may have to buy their new manager out of his current deal as Roberto Martinez and Neil Lennon have surfaced as the favourites for the job.
Moyes was set to sign a new deal at Goodison Park before interest from Manchester United came about and the Scot is set to take a pay cut to take over from Sir Alex Ferguson at Old Trafford.
Moyes is set to bid for both Marouane Fellaini and Leighton Baines this summer and so Everton may have a big rebuilding job to do.
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