The 19-year-old will undergo a medical today and is expected to officially become an Everton player within the next 24 hours.
Everton will pay around £10m for the winger who has impressed for the League One club this season.
Lookman has scored seven times for Charlton this season in 25 appearances for the Addicks.
The England U-19 international was left out of Charlton's squad to face Southend on New Year's Eve, adding to speculation that he would leave the club.