The Scotland youth international has told Dundee United that he wants to leave, opening the door for Everton to move for one of the most highly-rated prospects in the club's academy.
Hutchison joined Dundee United two years ago after starting his career at Banks O Dee Albion, and has since progressed rapidly through the club's youth ranks.
He has scored once in five appearances for Scotland's under-15s and has already featured twice for Dundee United's B side this season, while also training regularly with the first team.
The striker has even travelled with Dundee United's senior squad for a fixture against Hibernian, underlining how highly he is regarded by the Tannadice coaching staff.
Dundee United have previously rejected six-figure bids for Hutchison from both Wolves and Norwich City, reflecting the value the Scottish Premiership club places on the teenager.
But with Hutchison yet to sign a professional contract, Dundee United have limited power to prevent a move once the player has made clear his intention to leave.
The Daily Record reports Everton are understood to be in talks with Dundee United over a compensation package, with the fee for academy-age players in Scotland typically determined through a tribunal process if the two clubs cannot agree terms.
The move would continue a recruitment pattern that has seen Everton and other Premier League clubs regularly sign promising teenagers from Scottish academies in recent seasons.
For Everton, the pursuit of Hutchison reflects a broader push to strengthen their academy intake as the club looks to develop talent through to first-team level.
Hutchison's representatives are understood to view a move to Merseyside as an opportunity for the striker to continue his development within a Premier League academy structure.
Should the transfer go through, Hutchison would become the latest in a line of young Scottish players to swap a domestic academy for a move south of the border before turning professional.