Beattie arrived at Everton's training ground this morning at 9am sharp, accompanied by his agent and also his Father. He will undergo a medical this morning, to be followed by a press conference at 12:30pm.
The deal breaks Everton's previous transfer record of £5.75m paid for Nick Barmby.
A club statement read: "James Beattie is poised to become Everton's record signing after agreeing personal terms on a move to Goodison Park.
"The 26-year old has decided that his future lies on Merseyside and he looks set to put pen-to-paper within the next couple of days."
Beattie, who is from the Lancashire area and began his career at Blackburn, has scored 76 goals for Southampton in 233 appearances.