The 22-year-old has been heavily linked with a Premier League switch over the course of the past few years, with the Reds having been the name most closely associated with him.
But now Everton look set to win the battle, thanks to their relationship with Barca and the fact that a loan deal appeals to them.
It was understood that the Catalans were looking to sell their man for around £8m, but now reports indicate that a temporary deal is more appealing to them.
Given Roberto Martinez’s success with Gerard Deulofeu last term – he has now been recalled to the Nou Camp – the Spaniards are keen to send Tello to Goodison Park to boost his development.
The former Wigan boss wanted to keep the silky attacker for 2014/15, but having lost him his team-mate is seen as a good replacement.
Liverpool and Tottenham may not be deterred, and could mount rival offers.