Everton boss Roberto Martinez wants to bring the 23-year-old to Goodison Park until the end of the season, and only the formalities with Monaco remain to be tied up.
"Everton confirm they have been granted a work permit for Lacina Traore," said a spokesman.
"Talks are ongoing with Monaco to secure the 23-year-old's services."
Martinez confirmed his interest following Monday's 1-1 draw at West Brom, saying: "Lacina is a player who I really like and is someone who would fit in really well in the role we want the player to come in.
"He is a very talented footballer. He is only 23 and has already had a couple of moves (totalling) nearly £30 million, but every work permit is a difficult one and we will try our best."
Traore is 6'8" tall, and is a replacement for Nikica Jelavic, who departed for Hull last week.