Transfer expert Fabrizio Romano confirmed on Saturday that an agreement between the 26-year-old and Everton is close to being finalised. Mykolenko joined the club from Dynamo Kyiv in January 2022 for £23.5 million and has gone on to make over 150 appearances, establishing himself as one of the most reliable players through a turbulent period that included a relegation battle and a stadium move.
Frankfurt had identified Mykolenko as a potential replacement for Nathaniel Brown, the 22-year-old left-back who is expected to leave the Bundesliga club this summer.
With Mykolenko's previous contract due to expire in 2026, the German club had entered discussions with his representatives over a move, but an extension with Everton now makes that transfer effectively impossible.
Everton manager David Moyes views Mykolenko as integral to the club's plans under their new structure. The decision to extend his deal reflects a broader priority of retaining experienced Premier League performers rather than risking losing them for nothing.
Mykolenko has been one of the more consistent performers in an Everton side that has significantly improved since moving to the Hill Dickinson Stadium. He made 33 appearances across all competitions this season and captained the side on multiple occasions.
The extension is understood to run until 2027, keeping him at the club through the period in which Moyes hopes to push Everton into the upper half of the Premier League table.