Lookman is one of the most highly-regarded talents in the division, and that has seen Charlton value the 19-year-old at £10m.
According to The Mirror, Everton have already had a £7m bid rejected, but they are now considering a fresh offer as they look to persuade Charlton to sell their biggest asset.
It is reported that aside Everton, Lookman is also attracting attention from a number of Premier League sides.
Lookman who won the Football League Championship Apprentice of the Year award – 2015-2016, has scored five goals in 17 appearances this season.
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