According to a report published by The Mirror, Everton will have to double the salary of Sean Dyche to at least £4 million if they want to convince him to become their new manager.
The Toffees have been without a manager since parting ways with Ronald Koeman following their defeat against Arsenal last month.
Their club chairman Ben Kenwright is keen on appointing a British candidate to succeed Koeman and is said to be keen on recruiting Dyche, who has gained praise for the work that he has done at Burnley over the past five years.
David Unsworth is currently in charge of the club on a temporary basis. Another candidate who has been strongly linked with the Toffees managerial position is former England and West Ham boss Sam Allardyce.
The club however is said to only want to be keen on recruiting Allardyce till the end of the season and the 63 year old has also been linked with the coaching role with the United States national team.