Roberto Martinez confirmed his interest in the 24-year-old earlier this month and the cente-back was at Goodison Park to watch the Toffees' Premier League clash with Manchester City.
Now Funes Mori has put pen-to-paper on a five-year contract with the Merseyside club.
He had been widely expected to replace John Stones, who has been chased by Chelsea all summer.
But he is now set to link up with the 21-year-old, with Everton refusing the defender's transfer request and blocking four bids from the Premier League champions for the youngster.
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