With just 12 months left on his contract at Goodison Park, talks over a new deal have stalled between Iwobi and Everton in recent months.
It had been revealed earlier in the week that Iwobi wants to leave after not signing the new contract offered to him by the club shortly before the end of last season.
Iwobi has not featured in Everton's last two matches after picking up a hamstring injury in their 4-0 defeat to Aston Villa on August 20.
That looks like it will be his last game for the Toffees, as Sky Sports News claims that he is on his way to the capital to complete a medical.
Personal terms between Iwobi and Fulham have been agreed, but it is believed there are still some issues to iron out between the two clubs.
Reports have suggested that a fee of around £20m plus add-ons is set to be finalised before Friday night's deadline.
It leaves Everton very little time to find a replacement for a player who was a first-team regular under both Sean Dyche, and previously Frank Lampard.
With Demarai Gray also set to depart, and Jack Harrison and Dwight McNeil still nursing injury problems, it could leave Everton very light again in attack before facing Sheffield United on Saturday lunchtime.
Sky Sports News have also revealed that talks with Wilfried Gnonto are back on, potentially boosted by the funds Everton are to receive for Iwobi.
Everton had two bids rejected earlier in the window, with Leeds United stating they wanted £30m for the Italian international.
Maxwel Cornet and Kamaldeen Sulemana are also names that have entered the fray in recent days, but Gnonto looks set to be their priority.
Iwobi may not be the only departure from Everton today either, as young striker Tom Cannon looks set to make a permanent move to Leicester City.
Cannon would join Ellis Simms in departing for Championship clubs, after Everton have brought Beto and Youssef Chermiti in this summer.