The Ivory Coast international joined Monaco from Anzhi at the start of the month but the French club always felt an immediate loan deal was best for his development.
That meant a serious knee injury suffered by Radamel Falcao earlier this week was irrelevant to Troare's immediate future, much to the relief of jittery Evertonians who feared the worst (remember Leroy Fer?).
West Ham thought they had signed the striker last week and even applied for a work permit, but Troare had a change of heart and travelled up to Everton's training ground to discuss terms and undergo a medical last weekend.
BREAKING: Everton have signed striker Lacina Traore on loan from AS Monaco until the end of the season #EFC
— Everton (@Everton) January 24, 2014
The Toffees are just waiting for a visa to go through before Traore can be illegible to play but that is expected to be a formality.
If all goes to plan he could make his debut - and become an instant hero - in the Merseyside derby at Anfield on Tuesday.
The deal is a timely boost for Everton given Romelu Lukaku has seen his form tail off in recent weeks, scoring just one goal since November.
Roberto Martinez revealed at a press conference on Thursday that Troare and Aiden McGeady were his two prime transfer targets this month, also revealing that he is saving the bulk of his transfer kitty for next summer.
That means this probably signals the end of our January spending though any more new faces, particular in central midfield, would be a big bonus.
Even if this it the arrivals of McGeady and Traore, possible new contracts for Ross Barkley and Leighton Baines and no major departures, would represent a very satisfying month indeed.
What do you think of the Traore signing? Have your say below.