The Blues have been linked with a move for the winger all summer following a successful loan spell at the club last season, although so far a deal has failed to materialise.
That was in part to Spurs chairman Daniel Levy, who was reportedly looking to secure as much as £9million for Lennon, despite the player only having a year on his contract and being deemed surplus to requirements at White Hart Lane.
Everton were naturally never going to do a deal at that price, but are now confident of securing him for as little as £4.5million, with the Mirror saying that Levy has now decided to drastically reduce his asking price.
That has left the Toffees confident of securing a deadline day deal for the winger, who has also reportedly turned down offers from other clubs because he has his heart set on a permanent switch to Goodison Park.
At that price, a move for Lennon would make sense for the Blues given his performances while on loan last season, with the players link up play with Seamus Coleman having been a fine one during his short stint.
However, should a deal be completed, fans are sure to question where the player will fit in after the arrival of Gerard Deulofeu this summer, with Everton in more need of a creative number 10 than another winger.