The move revives a deal that appeared dead a month ago, when Hull's initial approach collapsed after Iroegbunam suffered a hamstring injury in a pre-season friendly against Stuttgart that the Tigers feared would rule him out for much of the season.
With the midfielder back to full fitness, Hull City returned to the table and have now agreed a package worth up to £22m, according to Fabrizio Romano — a fee understood to be structured as €15m guaranteed plus €12m in add-ons.
The 23-year-old is poised to leave Hill Dickinson Stadium for an initial £13m, although the fee could rise by a further £9m depending on performance-related and appearance clauses. Iroegbunam, who joined Everton from Aston Villa for £9m in 2024, has been given permission to complete a medical in East Yorkshire ahead of the move being finalised.
Everton's summer additions in midfield — Hayden Hackney, Christian Nørgaard and a permanent deal for Merlin Röhl — had already squeezed Iroegbunam's path into David Moyes's team, and his departure allows the club to bank a substantial fee with a year still remaining on his contract.
He arrived on Merseyside having come through the youth ranks at West Bromwich Albion and Aston Villa, made his senior debut for Villa in February 2022, and won the UEFA European Under-19 Championship with England in 2022 during a productive loan season at Queens Park Rangers, for whom he scored his first senior goal against Blackburn Rovers.
It is part of a busy end to the transfer window for both clubs involved, with newly promoted Hull looking to sign multiple players before Tuesday night's deadline. Iroegbunam would become Hull's 13th signing of the summer, with talks continuing over a loan move for Chelsea midfielder Dario Essugo.
Everton, meanwhile, have agreed the £65m sale of winger Iliman Ndiaye to Manchester City and are closing in on a deal for Monaco striker Folarin Balogun, while talks continue over Manchester City's Jack Grealish and Fulham defender Kenny Tete.