George, 20, spent the second half of last season on loan at Goodison Park, with a £25m option to buy included in the arrangement.
Everton have opted against triggering that clause and instead renegotiated with Chelsea, with the two clubs now working towards a restructured fee that includes add-ons.
The academy product made 11 appearances for Everton, starting once, but left a lasting impression on manager David Moyes during his four months at the club.
In May, Moyes spoke warmly about the winger ahead of the final match of the season.
"We like Tyrique," Moyes said. "We've enjoyed having Tyrique here — he's been an excellent boy and his work-rate and everything has been excellent, so we're happy with him."
George is not the only business Everton are closing out.
The Toffees are finalising a £16m deal for Middlesbrough midfielder Hayden Hackney, while attacking midfielder Merlin Rohl is set to make his loan move from SC Freiburg permanent following a productive spell last season.
On the other side of the ledger, Idrissa Gana Gueye could depart as his contract expires.
Chelsea academy graduate George came close to leaving Stamford Bridge last summer, when a £22m move to Fulham collapsed on transfer deadline day in September 2025. He also held talks with RB Leipzig before that.
George has been available for transfer for the past 12 months, and Chelsea are keen to reduce the size of a squad that finished 10th in the Premier League last season and failed to qualify for European competition.
Fewer matches means reduced broadcasting and matchday revenue, while the club remain under a Uefa settlement agreement for the next three seasons after breaching financial regulations last summer.
That makes player sales a priority, with Real Madrid interested in Enzo Fernandez, and Como and Inter Milan among those keen on Trevoh Chalobah.
New manager Xabi Alonso is signing Marco Palestra from Atalanta and retains interest in Crystal Palace's Maxence Lacroix, Como's Jacobo Ramon and Rayo Vallecano full-back Pep Chavarria as he rebuilds his squad.
The futures of Benoit Badiashile, Tosin Adarabioyo and Wesley Fofana also remain uncertain, alongside forwards Alejandro Garnacho and Liam Delap.