Since leaving Molineux in a move instigated by the club last month, the 47-year-old Portuguese has held talks with both the Toffees and Crystal Palace.
And now, he is widely expected to be appointed at Goodison Park with terms agreed in principal.
Everton are said to be hopeful of confirming him as Carlo Ancelotti’s successor within a matter of days.
Nuno had a hugely successful four-year spell in charge of Wolves – winning the Championship title, overseeing two seventh-placed finishes in the Premier League, and taking the team on runs to both the Europa League quarter-finals and FA Cup semi-finals.
However, a more difficult 2020/21, which saw them finish 13th in the top flight amid a succession of injuries to key players, saw him let go by owners Fosun and subsequently replaced by compatriot Bruno Lage.
Nuno appeared all set to take the reins at Palace and oversee a rebuild in South London after the departure of Roy Hodgson.
Discussions, though, would go on to break down, with the Eagles reportedly frustrated over his desire to bring in the large backroom team he worked with at Wolves.
Talk of a move to Everton was always rampant, too, and it is now understood to be a case of finalising the last details before a formal announcement is made.
Should it go through as planned, Nuno will be the their sixth permanent boss of the last five years.
Wolves will find out when they will face the Toffees once the league fixtures for 2021/22 are published.
All 380 fixtures are set to be confirmed at 9am on Wednesday morning, with ex-Benfica man Lage’s first competitive game as Wolves chief due to take place on the second weekend of August.